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(Bloomberg) — After weeks of fuel inflation across Asia and Europe, higher pump prices are now starting to intensify in the US as war-driven energy shocks show little sign of abating.
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From the West Coast to the Midwest, gasoline and diesel prices are notching dramatic increases. In California, the average statewide price for regular gasoline surpassed $6 a gallon on Wednesday, according to data from the American Automobile Association. That’s the highest since October 2023.
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In Illinois, gasoline climbed to $4.67 a gallon on Wednesday, more than $1 above the year-ago average. Prices rose to similar levels in Indiana, Michigan and Ohio. Diesel also soared, advancing to almost $7.50 in California and reaching the mid-$5 range in the Midwest. Nationwide, benchmark US gasoline futures hit the highest level in almost four years.
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Pain at the pump is escalating for American consumers as the Iran war continues for its ninth week and oil markets grapple with the possibility of an extended blockade of the Strait of Hormuz, a vital waterway for energy tankers. Fuel inflation threatens to become a political liability for the Trump administration and Republicans heading into the midterm elections, including two hotly contested US Senate races in Michigan and Ohio that could decide which party controls the chamber.
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In California — the most populous US state — rising gasoline prices are also a problem for Governor Gavin Newsom, a Democrat widely expected to run for president in 2028.
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Refinery disruptions in the Midwest could be amplifying fuel-prices increases there. A fluid catalytic cracker — key to making gasoline and diesel — shut at Exxon Mobil Corp.’s Joliet, Illinois, refinery earlier this week, according to energy analytics firm Wood Mackenzie. Meanwhile, a power loss was reported at BP Plc’s Whiting facility in Indiana this week, although all monitored units remained online, Wood Mackenzie said.
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