Automotive Fleet
MenuMENU
SearchSEARCH

Euro Zone Debt Concerns and Iran Tensions Push Oil, Gasoline Prices Upward

WASHINGTON – According to the AAA, crude oil prices and, consequently, gasoline prices edged higher due, in part, to the ongoing Euro Zone debt concerns and geopolitical tensions with Iran.

by Staff
February 21, 2012
2 min to read


WASHINGTON - According to the AAA, crude oil prices and, consequently, gasoline prices edged higher due, in part, to the ongoing Euro Zone debt concerns and geopolitical tensions with Iran.

Ad Loading...

The news that Greece was nearing an austerity deal last week was seen as bullish for the Euro Zone economy as a whole and was a primary driving force for higher oil prices on the week, according to AAA.  

Ad Loading...

The effect on U.S. gasoline prices have varied due to a number of factors. Areas in the center of the country that use gasoline from refineries with access to the relatively cheaper crude products have seen prices hold steady or even move lower in recent weeks, while areas having to rely on refiners using more expensive products have seen prices move higher. States like Ohio and Michigan have seen prices fall by 18 and 17 cents respectively over the last month, at the same time states like Connecticut and North Carolina have seen prices rise by these same respective amounts.

Also impacting prices is the fact that refiners - especially those processing more expensive crude products - have responded to dismal demand for gasoline nationwide by planning production decreases, resulting in upward pressure on prices paid by motorists. According to a Department of Energy report issued in early February, gasoline demand for the four weeks prior averaged 18.12 million barrels per day - the lowest level since April 25, 1997.

At a national level, the price of gasoline at the pump has continued to rise. The national retail average for mid-February for a gallon of self-serve, regular gasoline was $3.51. That was 3 cents more than the week prior, 12 cents more than one month prior to that, and 38 cents more expensive than the same time in 2011.

More Fuel

a YouTube thumbnail with red and white text on the left and a row of fuel pump handles on the right
Fuel•by Faith Howell•September 30, 2026

Fuel Prices Surge in September | September Fuel Update

September brought major fuel price swings, including diesel crossing $6 a gallon. Here’s how gas and diesel prices changed throughout the month, and where they stood heading into October.

Read More →
title card with Ramel Lindsay, US Bank, and Chris Brown
Sponsored•by Chris Brown•July 22, 2026

Turning Fleet Payment Data into Executive Insights

Ramel Lindsay of U.S. Bank Voyager discusses how fleets can transform payment and transaction data into actionable intelligence to reduce costs, improve oversight, and support executive decision-making.

Read More →
fuel pump and rising price graph
Fuel•by Chris Brown•July 21, 2026

Why the IRS Raised Its Mileage Rate in the Middle of 2026

Fuel-price volatility drove the rare increase to 76 cents per mile, the fifth midyear adjustment since 2000.

Read More →
Ad Loading...
Graphic showing U.S. gasoline prices as of July 27, 2026, with the national average at $4.06 per gallon. Regional prices range from $3.69 on the Gulf Coast to $5.12 on the West Coast.
Fuel•by Faith Howell•July 14, 2026

July Fuel Update: Prices Keep Rising in Light of More Conflict

Gas prices continue to rise as more and more conflicts do, too.

Read More →
An Automotive Fleet podcast thumbnail on fuel volatility.
Fuel•June 30, 2026

Bob Adamsky on Fuel Volatility: "Don't Panic, Have a Plan."

When it comes to up and down fuel prices, Adamsky has a message for fleets: “Don’t panic.”

Read More →
thumbnail showing title of video, US Bank executive Ramel Lindsay and interviewer Chris Brown
Sponsored•by Chris Brown•June 29, 2026

How Fleets Can Gain Control of Non-Fuel Spend

Fuel often gets the spotlight, but non-fuel expenses can have a major impact on fleet costs. Ramel Lindsay of U.S. Bank Voyager discusses how fleets can gain better visibility and control over these often-overlooked expenditures.

Read More →
Ad Loading...
Map of the Middle East beside fuel pump nozzles illustrating how regional supply disruptions are increasing fuel prices and raising fleet maintenance costs for petroleum-based products.
Fuel•June 25, 2026

Fuel is Just the Start: How Middle East Tensions are Driving Up Fleet Maintenance Costs

The Middle East conflict is doing more than pushing up fuel prices. It’s also raising the cost of key maintenance products your fleet depends on, from motor oil to tires to windshield wipers. Here’s what you need to know about this budget-busting situation.

Read More →
Infographic showing U.S. average gasoline prices through June 2026, with prices falling after a May peak. Regional chart shows the West Coast with the highest fuel prices among major U.S. regions.
Fuel•by Faith Howell•June 23, 2026

June Fuel Update: Prices Fall Below $4

Drivers are finally getting some relief at the pump. The national average gas price has dropped below $4 a gallon for the first time in months, with prices falling in 47 states as oil markets react to developments in U.S.-Iran negotiations.

Read More →
Row of fuel nozzles at gas station
Fuel•by Chris Brown•May 30, 2026

Study: How 2026's Gas Price Hikes Affect Different Vehicle Types

New data from iSeeCars reveals how rising fuel costs have affected different vehicle segments as gasoline prices climbed nearly 46% over the past four months.

Read More →
Ad Loading...
An EIA and Automotive Fleet graphic breaks down fuel prices for the week of 5/28/2026.
Fuel•by Faith Howell•May 5, 2026

May Fuel Update: All Regions Experience Declines

Gas prices are finally easing in much of the country, but experts warn global tensions could quickly reverse the trend as the national average remains well above last month’s levels.

Read More →