{"id":70751,"date":"2026-03-17T15:25:33","date_gmt":"2026-03-17T15:25:33","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/"},"modified":"2026-03-17T15:25:33","modified_gmt":"2026-03-17T15:25:33","slug":"the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/","title":{"rendered":"The U.S. is the world&#8217;s leading oil producer. So why are gas prices soaring?"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p>Motorists are paying <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/iran-war-gas-prices-gallon-crude-oil-chart\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">sharply higher fuel prices<\/a><\/span> since the outbreak of the\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/us-iran-tensions\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Iran war<\/a><\/span>, despite the U.S. being the world&#8217;s largest oil producer. Why?<\/p>\n<p>After all, as of 2023 (the latest data available), the U.S. churned out roughly 13 million barrels of crude a day, <a href=\"https:\/\/www.eia.gov\/todayinenergy\/detail.php?id=61545\" target=\"_blank\" rel=\"nofollow noopener\">according<\/a>\u00a0to the Energy Information Administration (EIA). That compares with roughly 10 million barrels from the world&#8217;s No. 2 and No. 3 producers, Russia and Saudi Arabia.\u00a0<\/p>\n<p>On Tuesday, the average national gas price in the U.S. rose to $3.79 a gallon, up from $2.92 a month ago, according to AAA. A gallon of diesel costs has <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/diesel-prices-5-dollars-gallon-economic-impact\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">shot up to more than $5<\/a><\/span>, the highest level since late 2022.<\/p>\n<h2>Interconnected oil markets\u00a0<\/h2>\n<p>And here&#8217;s the thing: The U.S. exports much of the oil it produces, selling it to foreign purchasers. We also remain a major importer, with the U.S also the world&#8217;s biggest user of oil,\u00a0<a href=\"https:\/\/www.eia.gov\/tools\/faqs\/faq.php?id=709&amp;t=6\" target=\"_blank\" rel=\"nofollow noopener\">data<\/a> shows.<\/p>\n<p>&#8220;The global market sets the price. The provenance of the oil we&#8217;re filling out gas tanks with doesn&#8217;t matter,&#8221; said Bernard Yaros, lead U.S. economist at Oxford Economics.\u00a0<\/p>\n<p>The U.S. exports about 11 million barrels of its daily output, according to the EIA. It also imports roughly 8 million barrels of oil.\u00a0<\/p>\n<p>Much of the oil produced in the U.S. is known as &#8220;light&#8221; crude, the highest-quality oil and the one for which there is the greatest global demand. Yet most of the country&#8217;s refining capacity is optimized for a more viscous type of oil known as &#8220;heavy&#8221; crude. U.S. refineries can&#8217;t be quickly or easily reconfigured to handle lighter and low-sulfur, or &#8220;sweet,&#8221; grades of oil, explained Ernest Moniz, the former U.S. Secretary of Energy under President Obama and now an energy researcher at MIT.<\/p>\n<p>&#8220;Oil from different places has different characteristics,&#8221; Willy Shih, a supply-chain expert and professor at Harvard Business School, told CBS News. &#8220;Refineries in the U.S., along the Gulf Coast in Texas, are geared toward handling a particular type of crude oil from Venezuela,&#8221; he said.\u00a0<\/p>\n<p>The upshot: When drivers fill up their cars, it&#8217;s often with gas produced using imported oil that was refined domestically. So when oil prices rise around the world, that also increases the cost of fuel in the U.S.<\/p>\n<div>\n<div style=\"min-height:480px\" id=\"datawrapper-vis-VKUkr\"><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/VKUkr\/full.png\" alt=\"Gas prices over time (Line chart)\"\/><\/div>\n<p> <amp-iframe width=\"100\" height=\"100\" layout=\"responsive\" sandbox=\"allow-scripts allow-same-origin\" resizable=\"\" src=\"https:\/\/datawrapper.dwcdn.net\/VKUkr\/\"> <\/amp-iframe><\/div>\n<p>Meanwhile, surging oil prices aren&#8217;t only raising the cost of filling a car \u2014 it&#8217;s also boosting the cost of filling a plane with jet fuel. That, in turn, is leading airlines to <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/oil-prices-iran-war-airfares-when-to-book-travel\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">lift their fares<\/a><\/span>.<\/p>\n<p>A recent analysis of U.S. airline ticket prices by Deutsche Bank analysts found that average domestic airfares for travelers booking flights later in March have climbed by between 15% and 124%. The average fare for transcontinental flights has jumped over 100%, while flight prices to the Caribbean, Florida and transatlantic destinations have also risen, according to the investment bank.<\/p>\n<p>&#8220;If the price of oil goes up, the price of everything goes up,&#8221; Ernest Moniz, an energy researcher at MIT and the former U.S. Secretary of Energy under President Obama, told CBS News. &#8220;Even though we are a net exporter of oil, that doesn&#8217;t change the fact that we are a major importer as well.&#8221;<\/p>\n<section class=\"content__body--footer\">\n<p class=\"content__meta--editors\">\n      Edited by<\/p>\n<p>                                  <a href=\"https:\/\/www.cbsnews.com\/team\/alain-sherter\/\" class=\"byline__author__link\" data-invalid-url-rewritten-http=\"\">Alain  Sherter<\/a>\n                      <\/p>\n<\/section>\n<p>  <!-- data-recirc-source=\"chartbeat\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation  component--type-recirculation-collection\">\n<\/aside>\n<section class=\"content__body--footer\">\n      <!-- tags --><\/p>\n<section class=\"content__tags\">\n<p class=\"content__tags__label\">In:<\/p>\n<\/section>\n<\/section><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/gas-prices-us-oil-iran-war\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Motorists are paying sharply higher fuel prices since the outbreak of the\u00a0Iran war, despite the U.S. being the world&#8217;s largest<\/p>\n","protected":false},"author":1,"featured_media":70752,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[1528,1057,6344],"class_list":["post-70751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-watch","tag-iran","tag-oil-and-gas","tag-strait-of-hormuz"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The U.S. is the world&#039;s leading oil producer. So why are gas prices soaring? - World News<\/title>\n<meta name=\"description\" content=\"&amp;quot;If the price of oil goes up, the price of everything goes up,&amp;quot; said former U.S. Energy Secretary Ernest Moniz.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The U.S. is the world&#039;s leading oil producer. So why are gas prices soaring? - World News\" \/>\n<meta property=\"og:description\" content=\"&amp;quot;If the price of oil goes up, the price of everything goes up,&amp;quot; said former U.S. Energy Secretary Ernest Moniz.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/\" \/>\n<meta property=\"og:site_name\" content=\"World News\" \/>\n<meta property=\"article:published_time\" content=\"2026-03-17T15:25:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg\" \/><meta property=\"og:image\" content=\"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"998\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/\"},\"author\":{\"name\":\"News\",\"@id\":\"https:\/\/site.itshrt.com\/worldnews\/#\/schema\/person\/1d8ae7348e048cb7984f26b4dd818ff2\"},\"headline\":\"The U.S. is the world&#8217;s leading oil producer. So why are gas prices soaring?\",\"datePublished\":\"2026-03-17T15:25:33+00:00\",\"dateModified\":\"2026-03-17T15:25:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/\"},\"wordCount\":545,\"publisher\":{\"@id\":\"https:\/\/site.itshrt.com\/worldnews\/#organization\"},\"image\":{\"@id\":\"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=1200&resize=1200,630&ssl=1\",\"keywords\":[\"Iran\",\"Oil and Gas\",\"Strait of Hormuz\"],\"articleSection\":[\"Money Watch\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/\",\"url\":\"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/\",\"name\":\"The U.S. is the world's leading oil producer. So why are gas prices soaring? - World News\",\"isPartOf\":{\"@id\":\"https:\/\/site.itshrt.com\/worldnews\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=1200&resize=1200,630&ssl=1\",\"datePublished\":\"2026-03-17T15:25:33+00:00\",\"dateModified\":\"2026-03-17T15:25:33+00:00\",\"description\":\"&amp;quot;If the price of oil goes up, the price of everything goes up,&amp;quot; said former U.S. Energy Secretary Ernest Moniz.\",\"breadcrumb\":{\"@id\":\"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=1200&resize=1200,630&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=1200&resize=1200,630&ssl=1\",\"width\":1200,\"height\":630},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/site.itshrt.com\/worldnews\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The U.S. is the world&#8217;s leading oil producer. So why are gas prices soaring?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/site.itshrt.com\/worldnews\/#website\",\"url\":\"https:\/\/site.itshrt.com\/worldnews\/\",\"name\":\"World News\",\"description\":\"World News\",\"publisher\":{\"@id\":\"https:\/\/site.itshrt.com\/worldnews\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/site.itshrt.com\/worldnews\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/site.itshrt.com\/worldnews\/#organization\",\"name\":\"World News\",\"url\":\"https:\/\/site.itshrt.com\/worldnews\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/site.itshrt.com\/worldnews\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/site.itshrt.com\/worldnews\/wp-content\/uploads\/sites\/13\/2025\/01\/cropped-download.png\",\"contentUrl\":\"https:\/\/site.itshrt.com\/worldnews\/wp-content\/uploads\/sites\/13\/2025\/01\/cropped-download.png\",\"width\":581,\"height\":581,\"caption\":\"World News\"},\"image\":{\"@id\":\"https:\/\/site.itshrt.com\/worldnews\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/site.itshrt.com\/worldnews\/#\/schema\/person\/1d8ae7348e048cb7984f26b4dd818ff2\",\"name\":\"News\",\"url\":\"https:\/\/site.itshrt.com\/worldnews\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The U.S. is the world's leading oil producer. So why are gas prices soaring? - World News","description":"&amp;quot;If the price of oil goes up, the price of everything goes up,&amp;quot; said former U.S. Energy Secretary Ernest Moniz.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/","og_locale":"en_US","og_type":"article","og_title":"The U.S. is the world's leading oil producer. So why are gas prices soaring? - World News","og_description":"&amp;quot;If the price of oil goes up, the price of everything goes up,&amp;quot; said former U.S. Energy Secretary Ernest Moniz.","og_url":"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/","og_site_name":"World News","article_published_time":"2026-03-17T15:25:33+00:00","og_image":[{"url":"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg","type":"","width":"","height":""},{"url":"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg","width":1920,"height":998,"type":"image\/jpeg"}],"author":"News","twitter_card":"summary_large_image","twitter_image":"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg","twitter_misc":{"Written by":"News","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/#article","isPartOf":{"@id":"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/"},"author":{"name":"News","@id":"https:\/\/site.itshrt.com\/worldnews\/#\/schema\/person\/1d8ae7348e048cb7984f26b4dd818ff2"},"headline":"The U.S. is the world&#8217;s leading oil producer. So why are gas prices soaring?","datePublished":"2026-03-17T15:25:33+00:00","dateModified":"2026-03-17T15:25:33+00:00","mainEntityOfPage":{"@id":"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/"},"wordCount":545,"publisher":{"@id":"https:\/\/site.itshrt.com\/worldnews\/#organization"},"image":{"@id":"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=1200&resize=1200,630&ssl=1","keywords":["Iran","Oil and Gas","Strait of Hormuz"],"articleSection":["Money Watch"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/","url":"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/","name":"The U.S. is the world's leading oil producer. So why are gas prices soaring? - World News","isPartOf":{"@id":"https:\/\/site.itshrt.com\/worldnews\/#website"},"primaryImageOfPage":{"@id":"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/#primaryimage"},"image":{"@id":"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=1200&resize=1200,630&ssl=1","datePublished":"2026-03-17T15:25:33+00:00","dateModified":"2026-03-17T15:25:33+00:00","description":"&amp;quot;If the price of oil goes up, the price of everything goes up,&amp;quot; said former U.S. Energy Secretary Ernest Moniz.","breadcrumb":{"@id":"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/#primaryimage","url":"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=1200&resize=1200,630&ssl=1","contentUrl":"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=1200&resize=1200,630&ssl=1","width":1200,"height":630},{"@type":"BreadcrumbList","@id":"https:\/\/site.itshrt.com\/worldnews\/the-u-s-is-the-worlds-leading-oil-producer-so-why-are-gas-prices-soaring\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/site.itshrt.com\/worldnews\/"},{"@type":"ListItem","position":2,"name":"The U.S. is the world&#8217;s leading oil producer. So why are gas prices soaring?"}]},{"@type":"WebSite","@id":"https:\/\/site.itshrt.com\/worldnews\/#website","url":"https:\/\/site.itshrt.com\/worldnews\/","name":"World News","description":"World News","publisher":{"@id":"https:\/\/site.itshrt.com\/worldnews\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/site.itshrt.com\/worldnews\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/site.itshrt.com\/worldnews\/#organization","name":"World News","url":"https:\/\/site.itshrt.com\/worldnews\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/site.itshrt.com\/worldnews\/#\/schema\/logo\/image\/","url":"https:\/\/site.itshrt.com\/worldnews\/wp-content\/uploads\/sites\/13\/2025\/01\/cropped-download.png","contentUrl":"https:\/\/site.itshrt.com\/worldnews\/wp-content\/uploads\/sites\/13\/2025\/01\/cropped-download.png","width":581,"height":581,"caption":"World News"},"image":{"@id":"https:\/\/site.itshrt.com\/worldnews\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/site.itshrt.com\/worldnews\/#\/schema\/person\/1d8ae7348e048cb7984f26b4dd818ff2","name":"News","url":"https:\/\/site.itshrt.com\/worldnews\/author\/admin\/"}]}},"magazineBlocksPostFeaturedMedia":{"thumbnail":"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=150&resize=150,150&ssl=1","medium":"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=300&resize=300,300&ssl=1","medium_large":"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=768&resize=768,0&ssl=1","large":"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=1024&resize=1024,1024&ssl=1","1536x1536":"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=1536&resize=1536,1536&ssl=1","2048x2048":"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=2048&resize=2048,2048&ssl=1","colormag-highlighted-post":"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=392&resize=392,272&ssl=1","colormag-featured-post-medium":"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=390&resize=390,205&ssl=1","colormag-featured-post-small":"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=130&resize=130,90&ssl=1","colormag-featured-image":"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=800&resize=800,445&ssl=1","colormag-default-news":"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=150&resize=150,150&ssl=1","colormag-featured-image-large":"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=1400&resize=1400,600&ssl=1","colormag-elementor-block-extra-large-thumbnail":"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=1155&resize=1155,480&ssl=1","colormag-elementor-grid-large-thumbnail":"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=600&resize=600,417&ssl=1","colormag-elementor-grid-small-thumbnail":"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=285&resize=285,450&ssl=1","colormag-elementor-grid-medium-large-thumbnail":"https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=575&resize=575,198&ssl=1"},"magazineBlocksPostAuthor":{"name":"News","avatar":"https:\/\/secure.gravatar.com\/avatar\/e85cf08852547781a5f631f3713dbb5197ed4b54e32ae19c7d5769b8c8504897?s=96&d=mm&r=g"},"magazineBlocksPostCommentsNumber":false,"magazineBlocksPostExcerpt":"Motorists are paying sharply higher fuel prices since the outbreak of the\u00a0Iran war, despite the U.S. being the world&#8217;s largest","magazineBlocksPostCategories":["Money Watch"],"magazineBlocksPostViewCount":14,"magazineBlocksPostReadTime":3,"magazine_blocks_featured_image_url":{"full":["https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=1200&resize=1200,630&ssl=1",1200,630,false],"medium":["https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=300&resize=300,300&ssl=1",300,300,false],"thumbnail":["https:\/\/i0.wp.com\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/16\/0742abc9-c4ab-4f14-835d-b52b56d31ed7\/thumbnail\/1200x630\/810f8d9d84cd15580a8488615090cace\/gettyimages-2265806659.jpg?w=150&resize=150,150&ssl=1",150,150,false]},"magazine_blocks_author":{"display_name":"News","author_link":"https:\/\/site.itshrt.com\/worldnews\/author\/admin\/"},"magazine_blocks_comment":0,"magazine_blocks_author_image":"https:\/\/secure.gravatar.com\/avatar\/e85cf08852547781a5f631f3713dbb5197ed4b54e32ae19c7d5769b8c8504897?s=96&d=mm&r=g","magazine_blocks_category":"<a href=\"#\" class=\"category-link category-link-37\">Money Watch<\/a>","_links":{"self":[{"href":"https:\/\/site.itshrt.com\/worldnews\/wp-json\/wp\/v2\/posts\/70751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/site.itshrt.com\/worldnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/site.itshrt.com\/worldnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/site.itshrt.com\/worldnews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/site.itshrt.com\/worldnews\/wp-json\/wp\/v2\/comments?post=70751"}],"version-history":[{"count":0,"href":"https:\/\/site.itshrt.com\/worldnews\/wp-json\/wp\/v2\/posts\/70751\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/site.itshrt.com\/worldnews\/wp-json\/wp\/v2\/media\/70752"}],"wp:attachment":[{"href":"https:\/\/site.itshrt.com\/worldnews\/wp-json\/wp\/v2\/media?parent=70751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/site.itshrt.com\/worldnews\/wp-json\/wp\/v2\/categories?post=70751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/site.itshrt.com\/worldnews\/wp-json\/wp\/v2\/tags?post=70751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}