ASHEVILLE, N.C. (828newsNOW) — Gas prices are climbing in Asheville as escalating conflict in the Middle East drives global oil costs higher.
On Monday, Enmarket on New Leicester Highway offered the lowest gas in town at $2.39 per gallon, according to gasbuddy.com. By Wednesday, Hot Spot on New Leicester Highway had the cheapest price at $2.48 per gallon, followed by Hot Spot on Sweeten Creek Road at $2.57 per gallon.
The surge comes as Iran’s paramilitary Revolutionary Guard warned that strikes against it could trigger “the complete destruction of the region’s military and economic infrastructure,” a story from The Associated Press said. On Wednesday, a container ship was struck in the Strait of Hormuz, a critical route for roughly one-fifth of the world’s oil shipments, according to the United Kingdom Maritime Trade Operations. Shipping tracker MarineTraffic.com reported that tanker traffic through the strait has dropped about 90 percent from prewar levels.
The conflict has sent crude oil prices sharply higher, rattling global stock markets and raising concerns that energy costs could slow the world economy.
In the U.S., the average price for a gallon of gasoline rose 11 cents overnight, according to AAA. North Carolina drivers now pay an average of $2.995 per gallon, while the national average is $3.198. Diesel and gasoline prices in Europe have surged even more sharply, with diesel jumping about 27% since Friday amid tight supplies.
Prices had been rising in the U.S. ahead of the conflict as refiners switched to more expensive summer-blend fuel, which includes additives to reduce evaporation in warmer months, said AAA spokeswoman Aixa Diaz.
The duration of the war in the Middle East will likely determine how far prices climb, with import-dependent regions expected to feel the pinch the most.
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