76°
Even before President Donald Trump ordered the US military to insert itself in the conflict, gas prices were expected to ticket up following Israel's initial wave of attacks on Friday, June 13.
Patrick De Haan, head of petroleum analysis at GasBuddy, estimated in the days after that the average cost of a gallon of gasoline, currently around $3.15 nationally, according to AAA data, could increase by 10 to 25 cents, reflecting a hike of nearly eight percent.
On Saturday night, June 21, after it was announced the US struck three Iranian nuclear facilities, De Haan posted on social media that, "Like last week, I do NOT expect gas prices to surge, but they may continue to rise."
He then noted that they should remain below what they averaged a year ago.
The extent of Iran’s possible retaliation against the US, and whether oil continues to flow from the region without disruption, will heavily influence how steep the rise gets.
If Iran or its proxies attack ships moving oil in the Middle East, there could be a dramatic effect on prices.
Dan Tsubouchi, of the Sunday Energy Tidbits newsletter, says the Strait of Hormuz, a narrow waterway located between Iran and the Arabian Peninsula, will be the focus of the oil and natural gas market "until Iran surrenders given Iran's threat to attack US interests in the Middle East."
The timing of the flare-up also coincides with the summer driving season, when prices typically tick upward.
Check back to Daily Voice for updates.
Click here to follow Daily Voice White Plains and receive free news updates.
