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AAA: Iran situation pushing crude oil prices up; gas prices to follow?

aaaThe national gas price average held steady on the week at $2.58, but that could change depending on the movement of crude oil prices due to geopolitical concerns.

Following airstrikes in Baghdad last Friday, which killed Iran’s Major General Qassem Soleimani, crude oil prices increased, causing market speculation about what could happen to gas prices in the near-term.

“It’s typical to see crude oil prices push more expensive amid current events,” said Martha Meade, Manager of Public and Government Affairs for AAA Mid-Atlantic. “What this increase means in terms of retail prices is yet be seen. It depends on how expensive crude oil prices go and the duration at which it sells at a higher price point.”

Today’s national average is $2.58, which is the same price as last Monday and last month, but 34-cents more expensive than the beginning of 2019.

Augusta Health Augusta Free Press Kris McMackin CPA
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