Less than a month ago we told you how RV fuel prices had actually plummeted in comparison to 2023. This summer’s fuel prices have been relatively good for those taking RV road trips. But hold onto your hats—and wallets. Gas prices could rise 15 cents per gallon, thanks to the Middle East conflict between Iran and Israel.
Gas prices could rise
After Iran blasted missiles at Israel, the oil market did a little attack of its own. Oil prices jumped 3% on Tuesday. Industry experts say that if things keep going, RVers and other drivers could look to see prices at the pump rocket up 10 to 15 cents a gallon.
The hotter the situation between the two Middle Eastern enemies grows, the hotter the price of fuel, says a professor of petroleum engineering at the University of Houston, Ramanan Krishnamoorti. The professor told ABC News, “Clearly this will have a huge impact on gas prices, there’s no doubt about that.”
Iran exports limited, but still control shipping route
While Iranian oil exports are choked hard by sanctions, the country still controls passage of oil tankers through the Strait of Hormuz. Should that passage get shut down, about 15% of the world’s oil supply would be affected.
In the past, Middle East conflicts had a huge effect on world oil prices. Now, the U.S. has a much greater input to the supplies of fuel used here. That would have a tendency to lessen the effects of the conflict, say oil experts. And if the current world hot-spot cools down, world oil prices would likely see a cool-down, as well.
Nevertheless, if you plan a winter escape to a snowbird destination, look sharp. You may want to factor the potential of higher pump prices into your expense equation.
##RVT1177b
Supposedly, the U.S. is energy independent according to most reports. That means we should not be relying on foreign oil. The problem seems to be that the big oil companies will be selling more to other countries and we will be paying for them to continue to make big profits.
Not so, Bob. Big oil companies sign concessions in order to produce (seek oil deposits, prove them, and produce them) oil in foreign countries. The concession entitles the company to a share of the oil produced (usually based on production costs plus some agreed upon share). The country gets the lion’s share of the oil produced from reserves within its borders. Have a great day and safe travels! 🙂
4 years ago when IRAN exported no oil to Western Countries gas was 60 cents cheaper so tough to blame the oil companies. All is based in bad energy policy and weak foreign policy.
At that time, IRAN was also an eyelash away from bankruptcy and could not afford to build and ship missiles or bombs to Hamas, Hezbola or the Houthis, to then be forwarded onto Israel or target US ships and bases in the region.
Peace and prosperity. Yup, we all miss it but not everyone thinks it is really that important I guess. It is all tied to same thing, bad policy and weak leadership.
Political again are you?
A story about fuel prices going up as a result of a war in the middle east is by default already political. Thus, my comment embraced the politics of the story by identifying the Nexus.
Do you not feel a story about gas price increases as a result of missles launched from IRAN into Israel, or from Iranian proxies at US ships and bases is in itself a political or geopolitical story?
Or is it simply that you are embarrassed about all the avoidable death and destruction on the planet in Ukraine and the middle east currently? I mean…. I would be embarrassed if my guy caused all this, but he didn’t, yours did.
Spot on.
I talked with my gas station owner yesterday and I asked about the wars and the long shoreman strike in particular and he says that the longshoremen strike will definitely hike gas prices, at least here in Florida where we have ports.
Maybe your neighbor in mar-a-lago will help you out.
Your friend, the one napping on the beach in Delaware isn’t doing anything to fix it or help so yeah, maybe the golfer will help. Good point JB.
I’m not going to the beach or to golf. We in northern Florida don’t always believe that southern Florida is really Florida. I don’t know if Mar-a-Largo even exists. North vs South or East vs West in Florida …….different strokes for different folks.
Growing up in Western Canada, we didn’t think Quebec was a part of Canada either. It almost wasn’t when a nationwide referendum election was held on behalf of The Party Quebecois who wanted Quebec to become it’s own country, only failed by 1% of the popular vote Nationally. Almost ended up with another 3rd world country in the America’s. A beautiful country it would have been, but a broke one.
I think many people think of Florida as warm and sunny, period. There is the Panhandle, North, Central and South, then there is East coast and West coast. All a bit different in landscape, weather and personality – from city slickers to ranchers and everything in between
FYI. There never was a national referendum on Quebec sovereignty in Canada. There were 2 Quebec only referendums, one in 1980 and one in 1995. Thankfully both lost.
I stand corrected, I did mis-remember that. Been gone for awhile. It was a province of Quebec only referendum. My point however, remains remarkably the same and failing by 1% sure was a close call.
Thank you, Russ and Tina! 🙂 I will get while the getting is good, then. I paid $2.49/gallin for 87 octane gasoline on Monday (9/30/24). 🙂 Have a great day and safe travels! 🙂
Some need to keep the pathetic politics out of these threads.
When the truth hurts, silence it.
I can’t help but think that articles like this warning us of possible price increases give de facto permission to energy companies to raise their prices, because, well we warned ya. Then allowing politics in the comments reminds me why I don’t read RVTravel every day like I used to do. What’s next religious opinions, climate change, marijuana laws (oh, you already have that one). Please stick to the prime topic. Recreational Vehicles.
I don’t disagree Dan, too much polarization in the public square led by the vitriololic hatred in the main stream media which is no longer the delivery mechanism of facts or a journalistic check the ruling elite. I pray we can soon get back to civil disagreement among neighbors but unless journalists become journalists again, the silenced will need outlets for opposing points of view.
As to this publication, stories about IRAN and missles affecting fuel prices did not happen in a vacuum. Crime stories, high price stories, homeless RVer stories, all did not happen in a vacuum. All are consequences of policy.
Since we don’t import fuel from Iran and Israel isn’t a key supplier, blaming the exchange of some ordinance seems a bit of a grasp.
Winter blend typically starts at the end of September but the pricing doesn’t reach the pump until the summer blend is gone. We’re 5 days into October and a hurricane just went through the gulf seems a more plausible speculation but still just a guess.
Gas in my area went up 34 cents in just 4 days!