SEATTLE — How much is gas in Seattle right now? Brace yourself: $5.94 a gallon for regular, according to GasBuddy. That’s a new record.
The statewide Washington average hit $5.73. And diesel in Seattle? $7.03. A year ago, a gallon of regular cost about $4.50.
From $4.50 a year ago to $5.94 today — analysts warn the worst may still be ahead
Patrick De Haan, head of petroleum analysis at GasBuddy, told “Seattle’s Morning News” on KIRO Newsradio Thursday that prices could keep climbing even as oil drops. Crude has fallen for two straight days, but gas prices lag behind oil prices, and the Strait of Hormuz blockade isn’t going anywhere yet.
“The next chapter is going to be written by what is happening here right now between the U.S. and Iran,” De Haan said. “Whether or not a deal will emerge, hard to know.”
Even an Iran deal won’t bring fast relief. De Haan warned last week that if the Strait stays closed, Seattle could hit $7 to $8 a gallon. Six days later, the gap between here and there keeps shrinking.
“It’s a huge bargaining chip Iran has discovered,” De Haan said. “It might not be something they just want to relinquish.”
The diesel number is the one that hits your wallet even if you don’t drive. At $7.03 a gallon, every truck, train, and tractor powering Washington’s supply chain is burning through record-cost fuel. That shows up in grocery prices, shipping costs, and just about everything else.
“Trucks and trains drive the US economy, and the tractors feed the economy; they feed us,” De Haan said. “All of that is powered by a commodity now that’s $7 a gallon.”
Washington has passed Hawaii and now has the second-highest gas prices in the country, behind California at $6.16.
This story was originally published on mynorthwest.com.