Gas prices pushing higher: The unconstitutional war in Iran is costing you more at the pump

Remember Donald Trump, lying through his teeth, making the claim in his State of the Union speech, which was just last week, that gas was below $2.30 a gallon in most states?

The average nationwide ticked up to $2.94 a gallon on Monday, per data from GasBuddy, and is headed toward, and then past, the $3-a-gallon mark, with the war in the Middle East that Trump launched over the weekend, without congressional approval.

“Markets will now begin reacting to this weekend’s U.S.-Iran attacks, which have elevated geopolitical risk premiums even in the absence of immediate supply disruption,” said Patrick de Haan, the head of petroleum analysis at GasBuddy.

I heard one of the not bright MAGA sycophants on the TV yesterday trying to make the claim that we shouldn’t have to worry about any disruptions involving Iran, because we don’t get our oil from Iran.

That’s not how markets work; price points are determined by overall supply and demand.

If China can’t get its oil from Iran because of disruptions, then China will compete with the U.S. and the West for oil from other producers, pushing up prices from those sources.

Dummkopfs.

More from de Haan on where things are going:

“Oil prices have firmed as traders assess the potential for further escalation, and while fundamentals such as inventories and refinery activity remain important anchors, the risk of broader instability — particularly involving key transit routes — has injected fresh uncertainty into energy markets,” de Haan said.

Interjecting here: the average for a barrel of oil was at a six-month low of $54.84 on Dec. 16; at this writing on Monday morning, it’s at $70.89.

I’m reading analysts projecting the $100-per-barrel mark being in play.

Imagine what that’s going to do at what you’re paying at the pump.

“In the week ahead, gasoline prices are likely to face heightened upward pressure as seasonal trends continue and markets navigate this evolving geopolitical landscape, with the national average poised to reach the $3-per-gallon mark for the first time this year,” de Haan said.