Gas prices continue their upward surgeMarch 6th, 2012 - 1:04 am ICT by Aishwarya Bhatt
New York, Mar 5 (THAINDIAN NEWS) US motorists are being hit hard with recent surge in the prices of gas. The price of gas is quickly moving to the $4 mark and that is a huge headache for motorists around the country.
The current price of unleaded fuel on Sunday was $3.76 per gallon, up by 8 cents from the price a week ago. The price of the commodity is being pushed by events taking place around the world.
AAA has blamed the recent tension between world leaders and Iran and the crisis in Syria for oil price rise. Iran has come under international sanctions following its nuclear program which critics say is meant for warfare.
The country’s leaders have insisted that the program is for civilian purposes and meant to boost the country’s energy needs. Economic sanctions have been placed on Tehran. The country is a major exporter of oil to Europe so the decision has had effect on the world’s crude oil supply.
AAA also reports that fears that the sanctions will leave Europe with crude oil shortage has helped fuel the rise in the commodity’s price.
Iran is unwilling to yield to international pressure to drop its nuclear program.
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- Enough global oil to sideline Iran: Obama - Mar 31, 2012
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- Iran unveils nuclear achievements, cuts oil exports (Lead) - Feb 15, 2012
- Iran discovers gas field - Dec 12, 2011
- We don't need to sell oil to Europe: Ahmadinejad - Jan 27, 2012
- Iran not concerned if Europe doesn't buy its oil: Official - Nov 23, 2011
- Petrol price hike in the offing as crude soars - Mar 23, 2012
- Gas Prices Spike Further Damaging the Economy - Dec 07, 2010
- Indian firms in crisis after RBI bans use of clearing house for Iran oil shipment - Dec 31, 2010
Tags: aaa, civilian purposes, commodity, crude oil supply, economic sanctions, fears, gas prices, headache, international sanctions, iran, motorists, nuclear program, oil price rise, oil shortage, syria, tehran, tension, unleaded fuel, upward surge, world leaders