Gas prices around the world

Due to conflict in the Middle East over the past three weeks, all parties involved have been bombing critical energy centers throughout the region. The earth has felt the impact of energy loss. Missiles hitting data centers and oil tankers have led to cloud interfaces being down along with oil reserves being lowered.

However, the biggest consequence of this war between the US and Iran is the rising gas prices. Iran has cut off access to the Strait of Hormuz which means that the transfer of oil to the rest of the world has been cut down considerably. Look at the gas prices below to see how much the people of the world have been affected.

USA: Onward rising gas prices!

The US went into this war with Iran thinking that it would be rather quick like the excursion that occurred in Venezuela this past January. However, America did not factor in that Iran was prepared for the long haul.

As a result, the price of gas keeps rising. Before this war started, a regular gallon of gas was at $2.92 per gallon. Now, the price of gas is at $3.88 per gallon. The price could possibly reach $4 per gallon unless the conflict is ended.

The biggest impact though is to countries that totally depend on oil from the Middle East without adequate oil of reserves of their own.

Australia is a perfect example of how high the price of gasoline can reach in the near future. Australia almost completely depends on oil being sent by tankers from Middle East to the Land Down Under.

Gas for Australia is now at 2.07 Australian dollars per liter. As a comparison, that would be $1.47 US dollars per liter.

Let's take it a step further because there are 3.78 liters in one gallon. As a result, Australians are paying $5.55 US dollars per gallon. The price that Australians are paying now for gas is an indicator of how much we will be paying for gas in the near future if the war carries on.

Iran continues to make a huge profit even though they are restricting tankers from using the Strait of Hormuz because every country needs oil. By restricting passage through the Strait of Hormuz, the extra supply has actually lowered the gas prices in Iran.

Iranians are only paying 3 cents a liter for gas or eleven cents per gallon for gas. As long as Iranians can fill their gas tank for less than two dollars, Iran will continue to hold firm against US forces.

The prices in Europe are even higher than in Australia because most of their countries used to depend on gas from Russia. However, Russia's war with Ukraine has meant that these nations had to turn to Iran for their oil. Now, Europe is being squeezed by Iran in regards to prices.

The price of gas in the UK is through the roof. The British people are now paying $1.87 per gallon (USD). That means that the citizens of Great Britain are paying over seven dollars USD per gallon. This price could become the price of gas for everyone in the world if this war continues until the end of this year.

More than likely, this war will continue towards the end of this year because the price of gas within China has not been affected by the conflict in the Middle East. Gas in China is around $1.19 per liter which would make it $4.49 per gallon.

Gas has remained low in Africa due to the country of Nigeria having large reserves of oil. Gas in Nigeria is around 82 cents per liter or $3.09 per gallon.