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Gas Prices Push Higher on Iran Worries

By Joe Benton
ConsumerAffairs.com

March 28, 2007
International oil prices are fluctuating wildly over uncertainty in Iran and worries the British may attack the oil-producing Islamic Republic.

The price of a barrel of crude oil briefly pushed to almost $69 on rumors of an impending attack in the continuing hostage conflict between Iran and Great Britain.

Last Friday, Iran seized 15 British sailors and marines. Iran has the world's second-largest oil reserves.

U.S. consumers are paying for the instability at the gasoline pumps with the prospect of even higher prices ahead.

The national average price for regular unleaded gasoline is now $2.60 a gallon. The price is 10 cents a gallon higher than one year ago and 25 cents higher than one month ago, according to AAA, of Heathrow, Florida.

The average price for mid-grade unleaded gasoline is $2.76 a gallon and the price for premium unleaded is $2.86 a gallon. Both are up 3 cents a gallon compared with March 23.

Diesel fuel sells for $2.75 a gallon. The price is up 10 cents from one year ago.

The highest-priced gasoline in the nation is found in Needles, California, where drivers are paying an average of $3.79 for a gallon of regular unleaded. The lowest-priced gasoline is found in Laredo, Texas, where drivers can buy regular unleaded for $2.19 a gallon.

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