Gas Prices Expected To Skyrocket In New York Due To Iran War

Just as we were starting to see gas prices begin to drop a bit around the Capital Region it appears short lived. The war with Iran that began last week is going to have a direct impact on our bank accounts because they are forecasting that gas prices will rise, and rise to a high level.

CNBC says that drivers will start to see those gas prices increase as soon as today and over the next week they will climb to 30 cents higher than they currently are. That's going to put most of us here in Upstate New York well over $3 a gallon to fill up our tanks.

Why is gas getting more expensive?

The reason behind the sudden increase is because of the conflict in the Middle East. Oil tanker traffic through the Strait of Hormuz has been essentially halted while things escalate between the United States and Iran. That will prevent oil shipments from reaching their destinations.

Read More: Nuclear War Fears Explode Across New York After Iran Strike

In Qatar they have stopped liquid natural gas production after two drones from the Islamic Republic of Iran attacked two of their oil manufacturing facilities. 20% of the world's liquid natural gas comes from Qatar and now that the Strait has been shutdown and their facilities it's affecting the prices around the globe.

Europe is already feeling the rise in cost as it hit their market first.

According to Gas Buddy, prices in Albany are already over $3 a gallon and a rise in prices will see many of us closer to $3.50. There are lower prices around areas in Schenectady and Troy, NY. Hopefully this problem will quickly resolve because with the cost of energy bills and groceries still high having to pay more to fill your car may push some people over the edge.