Massachusetts drivers could see $5 pump prices as Middle East war continues
WITH HOW LONG THIS COULD LAST. MARY YEAH. YOU KNOW, JEN, THE LAST TIME WE SAW $5 A GALLON, THAT WAS BACK IN JUNE OF 2022 AFTER RUSSIA INVADED UKRAINE. WELL, INDUSTRY ANALYSTS SAY THIS TIME AROUND, WE’RE SEEING DISRUPTIONS THAT ARE EVEN MORE DRAMATIC AND WIDESPREAD. WE’RE ALREADY FEELING THE PAIN AT THE PUMP. IT’S LIKE $15 MORE TO FILL MY CAR UP, AND LOOKING FOR WAYS TO SOFTEN THE STICKER SHOCK. I DON’T DRIVE DISTANCES THE WAY I USED TO. OH, I’M TRYING TO GO BACK. ROADS. NO HIGHWAYS, NO TRAFFIC. IT’S A STRUGGLE RIGHT NOW. I GOT A BUDGET. EVERYTHING. SCENES LIKE THESE FUELING NOT JUST MARKET FEARS, BUT AN ACTUAL BREAKDOWN OF THE WORLD’S ENERGY ENGINE, MUCH OF IT IN THE MIDDLE EAST. THERE’S BEEN SIGNIFICANT DISRUPTION, NOT JUST CARGOES THROUGH THE STRAIT OF HORMUZ, BUT WE’VE SEEN ATTACKS ON OIL AND GAS INFRASTRUCTURE. AND SOME ESTIMATES ARE THAT IT’S GOING TO TAKE MORE THAN A YEAR, UP TO FIVE YEARS FOR EVERYTHING TO BE BACK TO WHERE WE WERE BEFORE THE WAR. TRIPLE A’S MARK HAS SPENT YEARS STUDYING GLOBAL OIL SUPPLY CHAINS. HE SAYS WE’RE STILL A LONG WAY FROM $5 A GALLON, AND THE U.S. IS TAPPING OIL RESERVES AND JUST LIFTED SANCTIONS ON IRANIAN OIL AT SEA, WHICH SHOULD HELP STABILIZE PRICES IN THE SHORT RUN. BUT HE SAYS IF THIS WAR DRAGS ON, IT WILL HAVE SIGNIFICANT LONG TERM IMPLICATIONS. AS WE HEAD INTO THE SUMMER DRIVING SEASON, ESPECIALLY HERE IN THE NORTHEAST IN PARTICULAR, BECAUSE DIESEL, WHICH IS A UP ALMOST $1.50 SINCE THE THE WAR BEGAN, IS WHAT’S USED TO TRANSPORT OUR FUEL AROUND. AND RIGHT NOW, THE NATIONAL AVERAGE FOR A GALLON OF REGULAR IS $3.91. COULD WE SEE $5 A GALLON? ANALYSTS LIKE MARK SAY, VERY LIKELY IF THIS WAR RAGES ON. WE’RE LIVE I
Massachusetts drivers could see $5 pump prices as Middle East war continues
Gas prices are expected to keep climbing as the war in Iran rages on.Iran recently launched a wave of attacks on Gulf energy infrastructure in response to Israeli strikes on a major natural gas field on the Iran/Qatar border.With the attacks on oil infrastructure, experts said it could take a long time before gas prices come down. “There’s been significant disruption,” said Mark Schieldrop of AAA Northeast. “Not just cargo ships through the Strait of Hormuz, but we’ve seen attacks on oil and gas infrastructure and some estimates are that it’s going to take more than a year or up to 5 years for every thing to he back before it was before the war.”The war in the Middle East could have long term implications as we head toward the summer driving season.In June 12, 2020, gas in Massachusetts peaked at $5.04 per gallon.With no end in sight to the Iran War, officials said we could surpass that number.
Gas prices are expected to keep climbing as the war in Iran rages on.
Iran recently launched a wave of attacks on Gulf energy infrastructure in response to Israeli strikes on a major natural gas field on the Iran/Qatar border.
With the attacks on oil infrastructure, experts said it could take a long time before gas prices come down.
“There’s been significant disruption,” said Mark Schieldrop of AAA Northeast. “Not just cargo ships through the Strait of Hormuz, but we’ve seen attacks on oil and gas infrastructure and some estimates are that it’s going to take more than a year or up to 5 years for every thing to he back before it was before the war.”
The war in the Middle East could have long term implications as we head toward the summer driving season.
In June 12, 2020, gas in Massachusetts peaked at $5.04 per gallon.
With no end in sight to the Iran War, officials said we could surpass that number.