Gas Prices Reach $4.30 — Four-Year Peak Hits American Drivers - video Dailymotion

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Drivers in the U.S. are facing the highest gas price increase in four years, and there may be more challenges on the horizon. The latest data from AAA shows the national average has climbed to $4.30 per gallon, reflecting an increase of approximately $1.16 since the onset of the Iran conflict in early March. Brent crude oil is currently priced at around $118 per barrel. The Strait of Hormuz, a key route for 20 percent of the globe's oil supply, remains essentially inaccessible. This week, Exxon's CEO cautioned that the market has yet to fully experience the repercussions. Discover what a potential $5 per gallon by mid-summer could mean for your family's finances.

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00:00American drivers just got slammed with the steepest gas price spike in four years,

00:04and the worst may still be ahead.

00:07The national average is now $430 a gallon, according to fresh Aion data,

00:13up about $116 a gallon since the Iran war began in early March.

00:17Brent crude is trading around $118 a barrel.

00:21Some Asian markets have seen oil deliveries spike as high as $286 a barrel

00:27due to physical shortages.

00:30The Strait of Hormuz, which normally carries 20% of the world's oil, is still effectively closed.

00:36The U.S. is besieging Iranian ports, and Iran is blocking American-allied tanker traffic.

00:42Exxon's CEO warned this week the market has not seen the full impact yet.

00:47And once strategic petroleum reserves are exhausted, prices will jump again.

00:52Goldman Sachs analysts say a $5 gallon by mid-summer is now realistic if the strait stays shut.

00:59For the average American family, that's an extra $700 a year on gas alone.

01:04Before you factor in airline tickets, deliveries, and groceries.

01:08trees.

Gas Prices Reach $4.30 — Four-Year Peak Hits American Drivers

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