Price at the Pump: Very Little Reason For Optimism Right Now

“We enter the 9th week of the U.S.-Iran situation with not much good news," said Gasbuddy.com's Patrick DeHaan. "Oil continuing to jump today. [Monday], we were up at one point nearly $119 a barrel for Brent, but markets have cooled off slightly. We continue to see the trajectory be to the upside. Gasoline, diesel, jet fuel, all of it will continue to rally here.”

DeHaan said the nationwide the price of gasoline increased 30 cents in the past week to $4.45 per gallon, and while diesel prices are off slightly week over week, he noted prices started moving higher the start the week. He added those prices are expected to move higher after Iran attacked ships in the Strait of Hormuz Monday.

As of Tuesday morning, West Texas Crude was trading at $104 per barrel, while Brent Crude was around $113 a barrel.

Photo: Glenn Vaagen

We Have Yet To Turn The Tables For Any Good News

DeHaan noted the war with Iran has already tightened fuel availability internationally, pushing prices higher, so it’s only a matter of time before this has an impact on the global and American economies.

“[It’s] going to be very chilling to see how this impacts inflation in the months ahead as we start to get more and more of that data," DeHaan said. "So, you know, not ideal by any measure of the imagination. And now with farmers now getting into their fields to plant ahead of the growing season, that certainly could be even more impactful to farmers, especially as fertilizer prices remain very elevated. So just a lot of really bad outcomes here so far. And it doesn't look like yet we've yet turned the tables for any good news.”