With news of Iran attacking Israel over the weekend, experts believe that gas prices could escalate. Israel has yet to respond to the drone attacks that were mostly shot out of the sky by the “Iron Dome” defense system.
Multiple countries helped fend off over 300 drones and missiles launched at Israel from Iran, with the Israeli Defense Forces claiming that roughly 99% of the attack had been thwarted by their forces and allies.
For now, average gasoline prices in Wyoming have risen 1.1 cents per gallon in the last week, averaging $3.30/g today, according to GasBuddy‘s survey of 494 stations in Wyoming. Prices in Wyoming are 19.9 cents per gallon higher than a month ago and stand 7.0 cents per gallon lower than a year ago. The national average price of diesel is down 1.2 cents in the last week and stands at $4.01 per gallon.
According to GasBuddy price reports, the cheapest station in Wyoming was priced at $2.83/g yesterday while the most expensive was $3.97/g, a difference of $1.14/g. The lowest price in the state yesterday was $2.83/g while the highest was $3.97/g, a difference of $1.14/g.
The national average price of gasoline has risen 3.1 cents per gallon in the last week, averaging $3.60/g today. The national average is up 14.2 cents per gallon from a month ago and stands 5.5 cents per gallon lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.
Worldwide, any ripple effects on gas prices depend on what Iran and/or Israel decides to do and whether they seek further retaliation against the backdrop of an already raging war. said Michael Walden,
“We’re uncertain about what’s going to happen,” says Michael Walden, Reynolds Distinguished Professor Emeritus at North Carolina State University according to USA Today. “And so the impacts are going to be very dependent upon what does evolve.”
Walden goes on to say that if Israel chooses not to counter attack or escalate retaliation against Iran, that would be a primary reason of why crude oil prices would not dramatically rise. But, experts believe, is just one of myriad scenarios that could play out over the next month or so.
In fact, oil prices dropped by about $1 a barrel Monday morning after it became apparent over the course of the weekend that the strikes had not caused major damage or injuries, and the Iranian government said it did not intend to take further retaliatory action.
“With Iran’s attack on Israel over the weekend, the stakes couldn’t have been higher for a major potential impact on oil and gasoline prices. With the attacks largely thwarted and mostly unsuccessful, and with Iran signaling that their attack will be the end of their response, the risk to crude oil has diminished, and the situation is thankfully likely to de-escalate going forward,” says Patrick De Haan, head of petroleum analysis at GasBuddy.
“If Israel, which has promised to respond with further attacks, indeed does press on, it could certainly still push oil prices higher. However, motorists can expect other factors to influence what they’re paying at the pump,” adds DeHaan.
GasBuddy’s survey updates 288 times every day from the most diverse list of sources covering nearly 150,000 stations nationwide, the most comprehensive and up-to-date in the country.
GasBuddy data is accessible at http://prices.GasBuddy.com.
