Gas prices in US to hit peak in summer

According to a report by the AAA Fuel Gauge, the price of gas is up 23 cents a gallon from a month ago.

Experts expect the prices to jump 10 to 20 cents over the next few weeks before reaching their pick in mid-May at around a record-breaking USD 4.25 a gallon.

Gas prices in the US have continually climbed this year following Iran’s move to cut oil sales to British and French firms in reaction to the EU’s anti-Iran embargos.

Tehran has also announced it may halt oil exports to more European countries.

The decision by Tehran came after European Union foreign ministers agreed on January 23 to ban oil imports from Iran and freeze the assets of the country’s Central Bank across the EU in line with a US-led effort to impose further pressure on the Iranian economy over its civilian nuclear program.

The move is aimed at putting pressure on Iran to abandon its nuclear energy program based on baseless allegations that Tehran is seeking to weaponize its nuclear technology.

Iran has refuted the allegations, arguing that as a signatory to the nuclear Non-Proliferation Treaty and a member of the International Atomic Energy Agency, it has the right to develop and acquire nuclear technology for peaceful purposes.

MYA/GHN/HJL

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