Gas prices are already rising as a result of the attacks on Iran, and they are likely to rise considerably further in the near future. According to a AAA study conducted at gas stations across the country on Sunday, the average price of a gallon of regular gas in the US is slightly under $3 on Monday. That is an increase of almost two cents per gallon from the survey conducted the day before and six cents from a week prior.
According to AAA, gas prices last exceeded $3 per gallon on average in early December. However, Monday saw the largest one-day rise in years for global oil markets. Pump prices will soon follow suit. Tom Kloza, an adviser to Gulf Oil and an independent oil analyst, predicted that retail gas prices will continue to rise by 5 to 10 cents per day for some time to come. Global markets saw a 4% increase in wholesale gasoline prices on Monday. Diesel futures increased by over 12%.
Kloza told CNN Sunday, “I received a call early yesterday, and several companies were increasing their wholesale prices for gasoline by 25 cents (per gallon).” There is definitely a hint of panic there. (Wholesalers) fear that they will be subjected to significant price hikes.
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