Gas Prices Just Jumped $0.48 in One Week, and History Says They're Going Higher

From February 28 to March 7, gasoline prices in the U.S. increased by more than $0.48 to an average of $3.46 per gallon, and have since risen an additional $0.42 to $3.88 per gallon. Historical data indicates that similar supply shocks have led to significant increases in gas prices during past geopolitical events, such as the 1973 OPEC oil embargo and the 1979 Iranian Revolution.