How high could oil and gas prices go if the Strait of Hormuz remains closed?
"The scary scenarios are, unfortunately, extremely plausible" if the critical Persian Gulf waterway stays effectively sealed, economist Paul Krugman said.
Watch CBS News
"The scary scenarios are, unfortunately, extremely plausible" if the critical Persian Gulf waterway stays effectively sealed, economist Paul Krugman said.
The average price of gas across the U.S. last reached $4 after Russia's invasion of Ukraine sent crude oil prices surging.
As oil prices surge, some experts are urging consumers to take energy-conserving steps like working from home or driving less.
The U.S. Postal Service is raising some postage prices to help offset the federal agency's rising transportation costs as fuel prices surge.
Summer gasoline regulations will be waived for 20 days, and possibly longer to try to ease gas prices.
Plunging oil shipments transiting the Strait of Hormuz have sent global energy prices soaring to their highest level in years.
With regular gas climbing well above $3 per gallon and diesel even higher, many are reconsidering travel plans, while experts cite global tensions and increased seasonal demand.
Gas prices are climbing across the United States as rising tensions in the Middle East push oil prices to their highest levels in years.
