Following the announcement of the blockage of the Strait of Hormuz by President Trump, oil prices spiked, and gas prices may follow
SAN ANTONIO — We’ve all noticed gas prices have been riding high for the last several weeks, and they’re showing no sign of slowing down – and experts say it is all due to the conflict in the Middle East and the day to day changes in how the U.S is involved in the war.
Once again gas prices are on the way up, after falling slightly last week across the country. This latest jump is due to oil prices surging after President Trump announced the new blockage of the Straight of Hormuz.
“That could provoke a reaction from Iran. And if very quickly, we return to escalations, that could send oil prices even higher,” Patrick DeHaan, a Gas Buddy spokesperson said.
According to AAA, the average price for a gallon of regular gas nationwide sits at $4.12. One month ago drivers were paying $3.63 a gallon. Here in Texas, the average price for a gallon of regular sits in between those two, at $3.80.
“A year ago drivers in Texas were paying just $2.77. That’s a 36% jump!” Professor Jon Taylor from UTSA’s political science department said. “You’re going to decide, well, you know what? I got to fill my tank because I got to go to work. But, I have to go through a drive through. Doesn’t mean I have to go buy some certain kinds of food items and such.”
With more and more drivers spending more and more money on gas, we went to Facebook to ask how it has affected their spending.
“I am retired my income stays the same so I just eat at home more and less going out not a burden yet I drive a Sonata,” Clem Davila said.
And, Warren Lauer responded, “More time at home and filling the freezer with fresh meat in stead of processed. Also helps the pocket in the long run.”
Diesel prices are up big time too, and in time that will mean higher prices at the grocery store.
“Diesel prices are at more risk of returning to an increase here rather quickly, and by later this week we could see diesel prices rubbing up against new all time records,” DeHaan added.
DeHaan said he believed prices this week could jump another 10 to 15 cents a gallon. For cheaper gas near you check out GasBuddy’s price tracker as well as AAA’s fuel savings resources.