ROCHESTER, N.Y. — The price at the pump in Rochester has been slowly coming down, but experts warn this pleasant trend may not last as uncertainty over potential conflict with Iran continues to impact oil markets.
Latest on the war
On Wednesday, President Donald Trump announced plans to strike Iran, but by Thursday afternoon, he changed course, canceling the strikes and signaling a peace deal could be close.
READ MORE: Trump calls off latest threats to strike Iran, cites breakthrough in talks to end the war
Experts say with this much uncertainty regarding the war, predicting possible market reaction is incredibly difficult.
At an average of $4.42 a gallon, the price at the pump in Rochester has dropped about 14 cents in a month. However, GasBuddy experts doubt this pleasant price plummet will continue.
Experts say prices could reach $5 in NY
As the U.S. and Iran exchanged more military strikes, analysts feared a return to all-out war. That worried petroleum analysts like GasBuddy’s Patrick De Haan.
“If you have some major travel plans in August or even late July, the safest bet may be that you want to assume prices in New York could reach $5,” De Haan said.
If you’re planning a late summer flight, its best to buy the ticket now instead of waiting.
That’s in spite of the fact we’ve seen a recent decline in the price of oil, and subsequently the price at the pump.
The U.S. is the world’s biggest oil producer and America increased the amount it exports by 1 million barrels a day. China is the world’s biggest oil importer and it decreased how much it imports by more than 3 million barrels a day.
More supply and less demand equals a decrease in prices. However, that kind of military pronouncement historically causes a spike in oil prices.
What happens if a peace deal is reached?
If a peace deal is reached, we’d see a slow but steady drop in prices. But if the war continues, De Haan said results could be dire.
“Where that puts consumers? I would still be prepared because I’m worried that this pressure is building and as an analyst we’ve never seen the amount of pressure building in the way it is today,” De Haan said.
At this point, what is certain is uncertainty. While the president said a deal is close, Iran did not confirm that a deal has been reached.
All depends on what happens in a distant land 6,000 miles away.
Consumer Alert: Gas prices in Rochester are down, but experts say don’t get too comfortable at the pump WHEC.com.
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