Oil prices spiral again as White House moves make little impact
Oil prices continued their upward spiral Wednesday, as Israel and Iran threatened more attacks on petroleum facilities, jolting markets and sending the cost of a barrel of crude to nearly $110.
The price spike threatens more pain at the pump for American drivers. A gallon of regular unleaded gas already averages $3.84 nationally, according to AAA - an increase of 32 percent from just a month ago, before President Donald Trump launched strikes on Iran alongside Israel.
Trump has made conflicting statements about how soon the war might end, and White House moves to ease oil price increases have had little effect. Analysts have steadily increased oil price forecasts.
On Wednesday, Trump tried to fight spiraling oil prices with a 60-day suspension of the Jones Act, which prohibits foreign vessels from shipping oil and gas between U.S. ports. That could increase the pool of ships that can move the fuels across the United States. But analysts say the move is largely symbolic and will ease gas prices by only a couple of pennies at most.
https://finance.yahoo.com/news/oil-prices-spiral-again-white-164531411.html
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