Mark Henle/The Republic via Reuters Connect
Gas prices appear to be soaring across the country — and in Texas — as the conflict in Iran continues.
A gallon of unleaded fuel costs $3.129 on average in Texas as of Monday, March 9, while a week ago the cost was $2.616, according to AAA. The increase in price comes as the Strait of Hormuz, through which roughly one-fifth of the world’s oil and liquefied natural gas typically passes, is virtually shut.
Oil prices on Monday jumped above $110 a barrel, reaching its highest prices since 2022 as fears grow over prolonged shipping disruptions due to the war in the Middle East. Brent crude, the international benchmark, jumped to $119.50 a barrel overnight but has since retreated to around $103, according to USA TODAY.
President Donald Trump weighed in on the cost of gas and said prices will drop when the Iran conflict is over, though on March 6 said “there will be no deal” to end the war and demanded Iran’s “unconditional surrender” in a social media post.
“I don’t have any concern about it (gas prices),” Trump told the Reuters on Thursday. “They’ll drop very rapidly when this is over, and if they rise, they rise, but this is far more important than having gasoline prices go up a little bit.
Here’s what to know about when gas prices will go down.
Why did gas prices go up?
The gas prices come after strikes in Iran that ultimately killed the nation’s supreme leader, Ayatollah Ali Khamenei, as well as dozens of top officials during a campaign called “Epic Fury” that began Feb. 28. The country’s remaining leadership announced that its retaliation would include strikes on regional energy infrastructure and the closure of the Strait of Hormuz, which 20% of the world’s crude oil and natural gas passes through.
Typically, the strait was averaging more than 153 vessel transits per day in the weeks leading up to the conflict, with container ships and oil tankers together making up roughly 88 percent of traffic, according to the Center for Strategic and International Studies, which cited data from Starboard Maritime Intelligence.
As of March 1, only 78 vessels have been detected passing through the strait, for a daily average of 13.
How high will gas prices go up?
While spring typically sees higher gas prices as gasoline demand rises and summer-blend gasoline production begins, the conflict in Iran will most likely keep prices up, according to AAA. The last time the national average made a similar weekly jump was back in March of 2022 during the start of the Russia/Ukraine conflict, AAA reported.
Will gas prices go down?
United States Energy Secretary Chris Wright appeared on Jake Tapper’s State of the Union and was asked about the rising prices of gas and said, “We want it below $3 a gallon and it will be before far too long.”
When pressed by Tapper on what “too long” means, Wright replied, “You never know the timeframe of this but int he worst case this is a weeks — this is not a months thing.”
Price of oil per barrel today
Oil prices on Monday jumped above $110 a barrel, reaching its highest prices since 2022 as fears grow over prolonged shipping disruptions due to the war in the Middle East. Brent crude, the international benchmark, jumped to $119.50 a barrel overnight but has since retreated to around $103, according to USA TODAY.
Mark Henle/The Republic via Reuters Connect
Gas prices near me
You can find gas prices near you by using AAA’s fuel prices map.
Cheapest gas near me
Gas Buddy offers comparisons of gas prices near you by downloading the app or you can search by web here.
Some of the cheapest gas in Texas as of March 9 can be found in Longview, Cypress, Mission and Houston – which are still under $3 a gallon for unleaded fuel, according to Gas Buddy.
USA Today contributed to this story.
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