WICHITA, Kan. (KSNW) — Iran is one of the global leaders in oil production, and due to strikes on the country by the U.S. and Israel, oil prices have spiked.
On Friday night, before the strikes, the price on the New York Mercantile Exchange was $67.29 a barrel. On Monday, crude oil was trading for over $70 a barrel.
That has contributed to a rise in gas prices across the country. The average price on Monday was $2.99 a gallon, according to AAA, up from $2.93 a week ago.
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But Bekah Selby Leach, director of the Center of Economic Development and Business Research at Wichita State University, said a number of factors go into gas prices. Among them are market speculation, inflation, the supply chain and U.S. oil reserves…