RALEIGH, N.C. (WNCAN)—The recent U.S. military actions in Iran have sparked queries regarding their potential impact on oil and gas prices; however, specialists assert that there’s no cause for concern.
"For now, it’s alright to pause and catch your breath; you don’t have to panic right away," stated Matt McClain, a petroleum specialist at GasBuddy.
McClain says the situation with Iran is evolving and can be concerning to consumers.
However, following the reprisal observed on Monday when Iran launched missile attacks against the U.S. base in Qatar and recognizing the potential economic risks associated with blocking the Strait of Hormuz, analysts from GasBuddy see no cause for concern.
"Everyone involved in trading oil let out a profound sigh of relief, which was evident in both the pricing of a barrel of crude oil and wholesale gasoline prices," according to McClain.
As reported by AAA North Carolina, the average cost of gasoline stands at $2.92 per gallon as of Monday, which is 32 cents less compared to this time last year.
"Now it seems like we'll see a greater decline spanning mostly North Carolina, South Carolina, and the entire United States," McClain stated.
He anticipates a reduction of 10 cents in the price of unleaded gas by the week's end.
What drivers mention as an unexpected delight.
"Oh! Fantastic! Perfect timing, right before the Fourth of July," remarked Driver, Abby Wojciechowski.
McClain indicates that since much of our natural gas originates from Canada and other allied nations, we should have sufficient supplies within the country anyway.
“It appears at present that if this is all Iran will undertake, we should be fine. Prices are expected to drop nationwide by the end of the week,” McClain stated.
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