ROCHESTER, N.Y. — The national average price of gas increased by 11 cents overnight, according to AAA. This rise followed a dramatic jump in oil prices due to the war in Iran and restrictions on oil transport through the Strait of Hormuz.
Brent crude oil prices peaked at nearly $82 per barrel, an increase of almost $7. An increase of $10 per barrel typically results in a 25-cent increase at the pump.
At the Costco on Westfall Road, gas is $2.72. I can fill up my tank for less than $35. The question is how long will prices remain this low. According to Petroleum expert Patrick De Haan, that’s not long.
“My calculation is the national average it’s already gone up 15 cents in the last couple of days it could go up another 15 to 30 cents in the next week or two,” said De Haan.
Right now the price at the pump is still cheap by historical standards, but it’s on the way up.
Last Tuesday, gas was $2.66 per gallon at Costco. This Tuesday, it was $2.72, marking a six-cent increase. Many drivers are feeling the impact of rising prices amid inflation in other areas like rent and groceries.
“It’s pretty rough out there with the heavy grocery and family needs milk. It’s a lot of money,” said Long Le, a Costco customer.
Iran controls the Strait of Hormuz, a crucial passage for 20% of the world’s oil. Iran has threatened to shoot any tanker attempting to pass, causing oil transport to halt.
“Nobody wants to risk several 100 million dollars of oil cargo and a 100 million dollar crude carrier by traveling through,” said De Haan.
Deanna Dewberry: “We saw an 11 cent increase nationally just overnight. Does that worry you?
Emilio Dicataldo, Costco customer: “No”
Dewberry: “How come?”
Dicataldo: “Cuz it’s all temporary”
And De Haan agrees.
“I think the bulk of the largest increases will be occurring in the next 24 to 48 hours, that could extend for the period of a couple of days,” said De Haan. “By early next week I think the market may start to slow down unless there are new developments.”
President Donald Trump promised Navy escorts to help tankers travel through the Strait of Hormuz, which could calm markets and curb rising prices.
As gas prices influence consumer perception and spending, experts warn of a potentially bumpy economic ride ahead. To help consumers save money on gas, here’s Deanna’s Do List.
Keep your gas tank at least half full to take advantage of lower prices when available. Drive smoothly, as hard braking and acceleration can reduce fuel economy. Purchase top-tier gas for better engine performance and fuel efficiency. Regularly check tire pressure, as low pressure can affect fuel efficiency. Use gas apps to find the cheapest gas nearby.Here are some useful gas apps:
Waze GasBuddy Gas Guru Dash Mapquest Gas Prices AAAREAD MORE: Consumer Alert: War in Iran is likely to drive up gas prices (March 2)
Consumer Alert: How the Iran conflict is affecting gas prices WHEC.com.
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