TAMPA, Fla. — As the conflict with Iran continues to unfold, experts are watching what you pay at the pump.
"Right now, we’re looking at oil prices that are moving higher as a result of the conflict in the Middle East, but they’re all over the board," said AAA spokesman Mark Jenkins. "At most, we’re seeing about a $5 increase in oil prices, which can trigger about a 10-20 cent increase in gas prices."
WATCH: AAA experts share insight on gas prices as conflict with Iran continues
He said it’s a little too early to know just to what extent this will have an impact on prices at the pump, but for perspective, Jenkins said to look back several years when Russia invaded Ukraine.
"Gas prices skyrocketed," he said. "We were closer to $5 a gallon at one point, and that was back when oil prices jumped to about $120 a barrel. That’s not the case right now. We’re looking at oil prices that are around $70 a barrel, so big difference."
AAA said the Strait of Hormuz is a critical point connecting the Persian Gulf to open waters, explaining the possibility of reduced traffic there could lead to a ripple effect beyond the Middle East.
"The United States does produce a lot of its own oil, but we do still import oil from other countries, not necessarily from Iran, but still, Iran is a major contributor of oil to the global oil market, and so any time that there’s a concern about supply interruptions, then that causes oil prices to increase to try to offset some of that risk," said Jenkins.
While experts will be watching the market closely over the coming days, the message right now when it comes to gas prices is don’t panic.
Tampa Bay 28 went out to see what drivers are thinking.
Tampa Bay 28 reporter Mary O’Connell asked local commuters, "Are you worried at all about gas prices going up because of the conflict in the Middle East right now?"
Danette Capitano responded, "I am always worried about gas prices, no matter what’s going on in the world. I’d like to see them lower, as I’m sure everybody else."
"I am worried that this will affect our gas prices, hopefully not too much," said Michael Camareno.
"I am worried that they are going to go up," said Toria Jernigan. "When conflict happens, it's always a price change in something."
Share Your Story with Mary
Mary O’Connell has a primary focus on education-related stories for Tampa Bay 28. But she also keeps an eye on public health concerns and the always-changing car insurance market. Reach out to Mary to share any of your questions or concerns.
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