A man fills up reserve gas containers, as Hurricane Milton approaches, in Tampa, Florida October 8, 2024. REUTERS/Ricardo Arduengo
Gas prices could surge this week as President Donald Trump’s military action in Iran and a seasonal jump in driving combine to push pump prices sharply higher.
According to Patrick De Haan, the head of Petroleum Analysis at GasBuddy, gas prices are expected to start climbing on Monday. Over the coming week, De Haan expects the price of gas at the average station to rise 10–30 cents per gallon, but “potentially 30–85 cents per gallon jumps at individual stations.”
If things go “bad at every turn,” De Haan said, consumers could potentially see prices rising by even more than 50 cents per gallon, MarketWatch reports.
MarketWatch adds that there is “little doubt that the military strikes launched this weekend by the U.S. and Israel on Iran, one of the world’s largest crude producers, will lead to a spike in oil prices” — and that the bigger question is how hard that will hit American drivers at the pump.
De Haan notes that Trump’s military action in Iran “is adding volatility and risk premium, but it’s landing on top of an already firming market.”
He says that gas prices have been rising for four straight weeks, and 36 states saw average gas prices “rising over the last week “with the national average up to $2.94/gal.”
Citing De Haan, MarketWatch adds that without a doubt, “the Iran attack looks to be the biggest pricing event for gasoline since the Russian invasion of Ukraine in 2022.”
“Americans will be very anxious about what the conflict could mean for oil prices, given how President Donald Trump made low oil prices his ‘signature policy,’ De Haan said.”
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