Gas prices are jumping to nearly $5 a gallon across the Miami Valley, and the war with Iran could send them even higher.
News Center 7’s Mike Campbell is following this story. He will have the latest LIVE on News Center 7 at 5:00.
“Over by my house, it’s $4.99 a gallon, so I came over here where it was much cheaper than that right now,” Tracy Caudill of Kettering said.
Drivers looked to save by driving out of their way to a gas station at a Walmart in Moraine.
Prices are jumping up almost every day to reflect world oil prices.
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“When their prices are going up, they’re going to pass it on to consumers,” Jared Pincin, Cedarville University economics professor, said.
He said there was initial hope that prices could stay closer to what we started the year at, $2.60 a gallon.
“The question has always been how long will the Strait of Hormuz be closed and the longer it stays closed, the higher future prices will jump, which is what we’re seeing now,” Pincin said.
He said the armed conflict between the US and Iran and the negotiations standoff mean no oil is moving.
Nothing is getting through this shipping channel, driving prices sky high.
It’s why customers are looking for deals for $4.27 a gallon rather than spending $4.99.
“I’m just concerned about how we’re going to afford the economy right now when the prices are escalating,” Zahnfria Meyers said.
Pincin said when adjusted for inflation, the current prices are not as high as several recent spikes.
If the Strait of Hormuz ever reopens, he believes we could see relief in several weeks.
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