The Iran War’s Impact on Gas Prices in America

The recent conflict in Iran has sent some major ups and downs through the global oil market, causing prices to fluctuate wildly.

Bill Herrick of Midwest Energy Partners joined Hammer and Nigel to share his expertise on the oil industry, to break down the complexities of the market and what it means for consumers like us.

The Iran conflict has added to the uncertainty in the oil market, causing prices to spike and then drop. Monday global crude oil prices soared to nearly $100 a barrel. That number dropped to around $80 within 24 hours after President Trump publicly stated the US war with Iran will end soon.

Americans have noticed gas prices have surged by more than 50 cents per gallon since the start of the war. Herrick pointed out that it’s not just gas prices that are affected. With over six thousand products relying on oil, a significant increase in prices can have far-reaching effects on the economy. If the war continues, we will ultimately see prices continue to increase. However, if the Iranian leadership comes around to pro-US affiliation, we could see a significant long-term time of low gas prices.

Listen to the full conversation with Bill where we go more in depth about how the price of oil is influenced by a multitude of factors, including the volatility of the market, the global demand for oil, and the availability of oil supplies.