Oil and gas prices jump
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Farmers and landowners are being urged to secure fuel tanks as soaring oil prices raise fears of a surge in rural theft.
NEW YORK — The average price for a gallon of gasoline jumped 11 cents overnight in the U.S., and drivers in Europe waited in line to fill their tanks with fuel, as war engulfed the Middle East and shipments of oil and gas were stranded in the Persian Gulf.
The increase of gas prices is largely tied to the U.S.-Israel war with Iran. The Strait of Hormuz, a shipping lane between Iran and Oman that transits one-fifth of the world’s oil output, has been disrupted due to attacks on merchant ships.
As an energy crisis grows, some countries are more prepared because of renewable energy and electric vehicles. Pakistan reduced its reliance on imported natural gas because of the growth of solar.
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Oil prices: Drivers rush to fill tanks in China before fuel price hike
Oil prices: Drivers rush to fill tanks in China before fuel price hike Drivers queued at petrol stations in Nanjing ahead of a nationwide fuel price increase set to take effect at midnight as global oil prices surged above $100 per barrel.