As the war in Iran pushes oil prices higher, some governments are shielding consumers with price controls. But economists warn that caps mask scarcity signals and can trigger the kind of panic buying that can even drive up oil prices more.
The U.S. is the world's largest producer of both oil and natural gas, but only one of those commodities is hitting American consumers. The reason comes down to infrastructure.
Analysts say the global oil market faces months of disruption from damaged infrastructure, a slow reopening of the Strait of Hormuz, and drawn-down reserves.
In the U.S., we’re paying more at the pump. Abroad, the war in the Middle East may have more dire and immediate effects — that’s especially true in South and Southeast Asia.
With federal tax credits gone and carmakers refocusing on gas-powered SUVs and trucks, the electric vehicle market was already struggling. The rising cost of fuel and a growing stock of used EVs change the math for consumers.