After Israel’s initial strike on Iran, oil prices increased by 7%. As the conflict continues, Arizonans may feel the impact at the pump.
“Gas prices could jump an average of 10 to 20 cents a gallon over the next couple of weeks as this situation continues to unfold,” said Patrick Dehaan, petroleum analyst at GasBuddy.com.
Before the initial strike oil prices could be found as low as $58 a barrel, but currently cost $73 a barrel.
“Gas stations will be filling up with more expensive gasoline even later today, so the impact could start very quickly, and it could last a couple of weeks before the increases are fully passed along,” Dehaan said.
He says the decrease in gas prices seen this week was because of a refinery issue in California being resolved, providing temporary relief.
“The statewide average in Arizona is down 5 cents a gallon, at least for now at $3.24, but gas prices will likely follow oil's lead here in the days ahead,” said Dehaan.
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