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Gas Prices Soar Amid Global Oil Bottleneck | Austin News
Gas prices surge past $4 a gallon nationwide as Middle East tensions tighten the global oil supply chain—especially through the Strait of Hormuz, where shipping risks are rising. Even a brief ceasefire didn’t calm markets, since refineries lock in oil weeks ahead, delaying the pump price impact. California leads with prices nearing $5.57, while states like Indiana feel the climb too. Businesses are squeezed as fuel costs eat into budgets. Meanwhile, Gulf nations are pouring billions into new pipelines to reroute oil away from the Strait, reducing dependence on Iran’s influence and building…
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