Iran Conflict Sparks Largest Gas Price Surge in Washington in Months

The conflict in Iran is impacting gas prices in Washington this week. In fact this week has witnessed perhaps the largest increase in gas prices the state has experienced in months.

PRICES SURGING TO RECORD HIGHS

According to GasBuddy the average price of gasoline in Yakima has surged by 28.7 cents per gallon over the past week, reaching an average of $4.24 per gallon across 91 stations in the city. Prices were up 4 cents per gallon last week. But compared to a month ago, gas prices in Yakima are up by 54.9 cents per gallon, and they are 50.5 cents higher than they were a year ago.

READ MORE: POLICE MAKE ARREST IN YAKIMA SHOOTING

DIESEL PRICES ARE ALSO UP BIG TIME

The national average price for diesel has also seen a sharp increase, rising 85.9 cents to stand at $4.59 per gallon. Patrick De Haan, head of petroleum analysis at GasBuddy, explains the recent spike is linked to escalating tensions in the Middle East. “In just a week, consumers have seen gasoline prices surge at one of the fastest rates in years after oil prices spiked following U.S. strikes on Iran and the effective closure of the Strait of Hormuz."

PREPARING FOR POSSIBLE SUPPLY FLOW PROBLEMS

He says with more attacks across the region over the past weekend pushing oil to above $100 per barrel for the first time in years, fuel markets are now rapidly "recalibrating to the risk of prolonged disruption to global supply flows.”
De Haan warns the situation remains "highly fluid, with potential for further price increases."

MORE ATTACKS COULD MEAN MORE INCREASES

De Haan says as a result, gasoline prices in many states could climb another 20 to 50 cents per gallon this week, with price-cycling markets potentially seeing increases as early as today. Diesel may rise even more sharply, with increases of 35 to 75 cents per gallon possible as global distillate markets react.

WE KNOW WHERE TO FIND THE CHEAPEST GAS

The cheapest gas in Yakima? 3.69 at the Ahtanum Fuel Stop/Sinclair on Goodman Road. The cheapest gas in the valley? $3.35 at Wheelers Kountry Korner in Wapato.