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Kiplinger
Kiplinger
Business
Jim Patterson

FORGOTTEN HISTORY: Who controls gas prices in the us | History Defined

(Image credit: Getty Images)

Drivers are watching gasoline prices shoot up these days as the war in the Middle East causes severe disruptions to the region's energy exports. In late February, right before the joint U.S.-Israeli airstrikes on Iran commenced, AAA reported that the national average price of regular unleaded stood at $2.98 per gallon.

Less than a month later, the national average was on the cusp of $4. If the fighting continues and prevents oil and refined fuels from being exported from the Persian Gulf, the price at the pump is likely to spiral still higher.

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