ROCHESTER, N.Y. — Prices at the pump have spiked again, with the national average increasing by three cents to $3.64 a gallon, according to GasBuddy. In the Rochester area, prices are currently a dime cheaper, but experts warn this won’t last.
Residents in the Northeast are the last in the country to switch to the more expensive summer blend of gasoline, which could add 15 to 30 cents per gallon. Additionally, Goldman Sachs predicts oil prices will remain 20% higher than last month through the end of the year. This prediction follows attacks on at least 16 oil tankers and cargo ships, with Iran claiming responsibility for many of these incidents. The country has also threatened further attacks on tankers traveling through the Strait of Hormuz.
President Trump has urged ship captains to “show some guts” and cross the crucial waterway. However, Patrick De Haan, a petroleum expert with GasBuddy, highlights the risks involved. “We’ve seen a complete loss of confidence in the ability for ships being able to transit through the strait safely,” De Haan said. “Until that’s restored, that is going to continue to be a problem with elevating oil and energy prices as a result.”
Deanna Dewberry, News10NBC: “Certainly economists are hoping this crisis is short-lived. But if it’s not, if this war stretches into weeks, what could we see?”
Patrick De Haan: “I don’t even like to think about what could happen in another week in the Strait of Hormuz closure because 20 million barrels of not only oil, but gasoline, diesel and jet fuel that’s not coming out of the Middle East as well. So many people only focus on the price of oil but fertilizer, chemicals, petrochemicals, oil, gasoline, diesel, jet fuel, are all very impacted. Another week of this may lead to an economic recession in the United States.”
De Haan is not alone in predicting the possibility of the war triggering a recession. Several economic analysts warn that the strain caused by elevated fuel prices could have significant economic repercussions. The impact on the economy largely depends on the duration of the conflict.
Consumer Alert: Experts warn Iran war could trigger a U.S. recession WHEC.com.
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