The national average price of gasoline hit $4 a gallon on Monday, up 15% in a week, as conflict in the Strait of Hormuz spread to Saudi Arabia. But one commodity analyst says drivers are looking at the wrong number.
“The pain has essentially been transferred from the oil price across to the products,” Matt Smith, director of commodity research at Kpler, said on Monday’s Prof G Markets podcast. Diesel has broken above $5 a gallon nationally, which works out to roughly $170 per barrel in wholesale terms, according to Smith.
