Seattle gas prices have reached a new record, with some reports indicating they are nearing $6 a gallon. An analyst has warned that prices could rise to $7 to $8 a gallon if the Strait of Hormuz remains closed, potentially leading to an oil crisis similar to that of the 1970s. The increase in gas prices is part of a broader trend of rising costs, with consumers reportedly cutting back on spending and airlines facing fuel shortages that are causing flight cancellations and higher ticket prices.