With Warfare in Middle East Comes Concerns Over Gas Prices in Northern Nevada
A Chevron near downtown Reno this morning was selling regular gas at nearly $4.30 a gallon.
While escalating warfare in the Middle East is shaking financial and energy markets, there are concerns over what this will mean at local gas pumps, with oil prices already surging nearly 8 percent.
About 15 percent of the world’s oil and 20 percent of its liquified natural gas pass through the extremely disrupted Strait of Hormuz between Iran and Oman.
A barrel of Brent, which had been trading for under $70 last week, was selling for $78.40 in futures markets Monday morning.
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