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Gas prices surge since start of Iran conflict
Gas prices are going up as the war in Middle East rages on, and other necessities may soon follow.
NEW YORK CITY - As the war in the Middle East intensifies with no clear end in sight, the economic impact is being felt thousands of miles away at gas stations and grocery stores across the United States.
Fuel prices are climbing rapidly, and experts warn that other everyday necessities could soon follow.
By the numbers:
Gas prices are fluctuating daily, and the numbers are quickly trending upward. The national average for a gallon of gas has reached $3.25, marking a $0.28 jump from just a week ago.
A gas station in Long Island City saw prices rise by two cents in a matter of minutes Thursday morning. In New York City, the average price went up eight cents in just one day.
Across the tri-state area, drivers are currently paying an average of $3.07 to $3.22 per gallon:
- $3.22 in New York City
- $3.07 on Long Island
- $3.13 in New Jersey
- $3.11 in Connecticut
Drivers are already seeing noticeable differences between stations — sometimes several cents per gallon even within the same neighborhood. Experts warn that drivers should expect these prices to continue climbing as the conflict disrupts global oil movement.
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Impact of Iran situation on oil and gas prices
FOX 5 NY's Jodi Goldberg has more.
Why the Iran conflict is driving costs higher
Dig deeper:
The disruption extends far beyond gasoline. Cargo ships are currently stuck in the Gulf or are being forced to make lengthy detours around the southern tip of Africa. Meanwhile, planes carrying air cargo out of the Middle East remain grounded.
Oil is a foundational component in manufacturing and shipping, which means prolonged delays will likely lead to shortages and price increases on a wide range of goods.
Affected industries and imports include:
- Pharmaceuticals from India
- Semiconductors from Asia
- Plastics and home construction equipment
- Clothing and consumer electronics
If shipping bottlenecks worsen, consumers could see higher prices and potential shortages in the coming weeks.
The Source: Information from this article was sourced from AAA and industry experts.