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Iraq tanker ends buffer, California gas hits $6.11

5/7/2026

50 7 Full Breakdown

Summary

Story summary

A Middle East tanker carrying about 2 million barrels from Iraq arrived at Long Beach, ending shipments that buffered gasoline prices.
California gasoline prices rose to $6.11 per gallon, the highest in four years.
The Federal Reserve Bank of New York reported low-income households cut driving but spent more on gasoline as prices climbed.

History

Historical Context

The 1973 Arab oil embargo, led by OPEC members such as Saudi Arabia and Iraq, cut U.S. shipments and drove gasoline prices sharply higher, while oil posted prices jumped almost 300% by early 1974. Decades later, an Iraqi tanker’s arrival at Long Beach removed a strategic buffer, pushing California gasoline to $6.11 per gallon and reviving concerns over supply security.

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Story summary

A Middle East tanker carrying about 2 million barrels from Iraq arrived at Long Beach, ending shipments that buffered gasoline prices.
California gasoline prices rose to $6.11 per gallon, the highest in four years.
The Federal Reserve Bank of New York reported low-income households cut driving but spent more on gasoline as prices climbed.

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