There are a lot of questions around the war in Israel, and a lot of justified panic. One of the issues directly affecting Americans is how the war will influence the price of gas.
Here’s Five Fast Facts About The War in Israel and Gas Prices:
- 📈 Bump - The first Monday after the war began, global oil prices jumped by 4%. It was back to normal by the end of that week.
- 📉 Down In It - Even when you factor in that slight hop, oil prices are still down about 6% from September of last year.
- 🍁 Falling in Fall - Even better, if there is an increase in prices at the pump, it’s likely to be overridden by the usual decline in gas prices in the fall. Less people traveling for vacations means less cars filling up, and that causes prices to drop.
- 📊 But Wait - There is a “what if” situation that needs to be factored into the equation. If the war is expanded to surrounding regions and includes other allies, prices could increase. Emphasis on the word “could.”
- 🚢 But Why? - Hamas, the terrorist group that carried out the attacks on Israel, is allegedly funded by Iran. There is no evidence as of this writing that Iran is involved. However, Iran is an oil producer and controls passage through the Strait of Hormuz, a route for about 15% of global oil supply. If conflict breaks out, that route could be impacted.
🔥Bottom line: The short answer is that you don’t need to worry about gas prices increasing. Hopefully the war in Israel ends soon and we don’t need to worry about any part of this horrific situation.
What do you think about gas prices?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
