00:00Wall Street is issuing a stark warning to every American driver.
00:03If the Iran war drags into summer, gas prices could hit $6 per gallon across much of the United States.
00:11Citigroup analysts have stated that international oil benchmark Brent Crude could rise to $150 per barrel.
00:18If the Strait of Hormuz remains closed through the end of June,
00:22gas is already at a wartime high of $4.39 per gallon nationally,
00:26a 47% jump since the conflict began.
00:30The average American household is now spending roughly $300 more per month on fuel than before the war started.
00:38In states like California, where prices are already above $5.50 per gallon,
00:44the $6 threshold could be reached within weeks if the ceasefire collapses.
00:48In states like Indiana, Ohio, and Pennsylvania,
00:52which have already seen nearly $2 per gallon price increases,
00:55the political backlash is accelerating.
00:58Economists warn the gas price surge is not just a pain at the pump story.
01:03Rising fuel costs are feeding into the price of food, goods, and services across the entire economy.
01:09Inflation data for May is expected to show the full impact for the first time.
01:13At least $2 for the first time.
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