‘A lingering impact’: Fighting in Middle East pushes gas prices higher

LINCOLN, Neb. (KLKN) – Experts warn that gas prices are likely going to rise over the next week as conflict rages on overseas.

The attacks in Iran and along the Strait of Hormuz are already starting to impact Nebraskans at the pump.

Prices for a gallon of gas hovered around $2.99 in Lincoln on Tuesday.

Petroleum analyst Patrick De Haan with GasBuddy said this sudden increase is due to the volatility along a crucial waterway for oil transportation.

“Right now, we’ve seen attacks already in the Strait of Hormuz, and that’s become the focal point of what’s happening in the Middle East,” De Haan said. “It’s the uncertainty over what may or may not be attacked.”

He expects gasoline prices to rise by another 15 to 30 cents over the next week or two.

For diesel, it will be even more. De Haan predicts it could increase by as much as 75 cents a gallon.

Kathy Abbott was filling her tank up because of the unpredictable prices.

“But it isn’t going to do any good because it goes as fast as you put it in,” she said.

One of the biggest unknowns is how long the conflict will carry on.

Abbott said she’s ready for the fighting to be over.

“I think everybody is,” she said. “Nobody wants to see this going on – nobody. It’s just devastating.”

De Haan warns that the high costs could stick around.

“There could be quite a lingering impact,” he said. “From what we’ve been told by politicians, this campaign may not be over quickly.”