Washington’s high gas prices are poised to get even higher as the conflict in Iran impacts the movement of crude oil around the globe, analysts say.
Coming into March, Washington had the third-highest average gas price in the nation, according to AAA.
GasBuddy has tracked a 5% increase in oil prices since the conflict in Iran began, as 20% of the world’s oil supply is unable to move through the Straight of Hormuz. Matt McClain, a petroleum analyst for GasBuddy, says the threat of attack has “throttled” the market.
“A lot of ships on either end of the Straight have basically dropped anchor,” McClain said. “You have threats from Iran, you have some oil tankers apparently were attacked and set ablaze.”
The vast majority of oil supply, and thus prices, is set by the Organization of the Petroleum Exporting Countries (OPEC), meaning the United States is impacted, despite not importing directly from Iran.
GasBuddy expects an increase of $0.15/gallon-$0.30/gallon over the next two weeks for gasoline and a $0.25-$0.50 for diesel. Luis Cervantes, a Washingtonian who was gassing up in Renton Monday, is bracing for the impact.
“I‘d probably have to budget a little more than I’m used to, but I’ve been doing that for the past 10 years. What’s another 30 cents going up?” Cervantes said.
McClain says diesel prices could ripple through the economy.
“If prices are elevated like that for a matter of weeks, then yeah, items at the store on the shelves may start to see a little bit of an increase.”
McClain says those impacts would be felt the longer the conflict goes on, just like the impact on jet fuel. McClain says those prices are typically negotiated by airlines quarterly, so airfares may not be immediately hit.
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