Crude oil rises, gas prices may follow
(The Center Square) – Illinoisans are bracing for higher prices at the pump after the United States resumed military action against Iran, but a AAA spokesperson says the situation is too volatile to know how much gas prices might rise.
President Donald Trump said the U.S. launched the latest strikes after Iran attacked three tankers in the Strait of Hormuz.
“It’s the denuclearization of Iran. We’re going to de-nuke it. We’re not gonna let them because they’re crazy, and they can’t have a nuclear weapon,” Trump said at a NATO summit in Turkey.
AAA spokesperson Molly Hart said it’s too early to know how much prices could increase.
“The situation is just too volatile to predict where the prices might go, but what we do know is gas prices rise like a rocket and fall like a feather,” Hart told The Center Square.
The average Illinois price for regular unleaded was $3.99 on Wednesday, up from $3.975 the day before.
The national average was up less than a penny at $3.80.
Hart said geopolitical events can make the price of gas jump.
“What a lot of people don’t know is a lot of what we pay at the pump is due to the price of a barrel of crude oil. If it’s around $70, we’re not paying the high prices, but once it goes $80 and above, that’s where we see a lot more pain at the pump,” Hart said.
U.S. crude oil jumped more than 6.5% to $75 per barrel on Wednesday.
To save gas, Hart recommended removing excess weight from vehicles and combining errands whenever possible.
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