from24/7 Wall St.
1 week agoWhy a Gallon of Gas Costs $3 in Texas and $12 in Hong Kong
Crude costs dominate, representing roughly 51% to 52% of the U.S. retail price. When the Strait of Hormuz disrupted roughly one-fifth of global oil and LNG flows during the 2026 Iran conflict, Asian physical crude surged toward $150 per barrel while WTI held near $100.72, insulated by U.S. shale output and Canadian and Mexican imports.
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