Crude oil prices surged this past week by over $3 per barrel to around $78, marking a more than 4% increase, due to escalating tensions in the Middle East.
This spike followed an Israeli airstrike that killed Hamas leader Ismail Haniyeh in Tehran. As of this writing, Israel has not claimed responsibility, but its military had vowed to eliminate Hamas leaders after an attack on October 7.
The incident has heightened fears of a broader conflict involving Iran, whose Supreme Leader Ayatollah Ali Khamenei promised harsh retaliation. A similar strike in Beirut has also strained relations with Hezbollah.
Although oil prices have risen, U.S. gas prices remain steady at about $3.49 per gallon, lower than last July's $3.76 per gallon average.
Despite this reality, California’s leaders continue to push the state towards 100 percent dependence upon foreign crude oil imports, shutting down its entire oil production sector.
This is a lose-lose proposition for the state, as foreign crude skirts all of the state’s climate mitigation regime, and the supertankers bringing the crude oil are polluting the LA Basin more than any other identifiable source.
For more information, contact Sean Wallentine.