ATLANTA — Drivers heading into the summer travel season could continue seeing elevated prices at the gas pump as tensions in the Middle East impact fuel costs.
Patrick De Haan with GasBuddy said gas prices could continue climbing if disruptions involving the Strait of Hormuz continue.
“It’s not impossible that we could actually see prices continue to go up to record setting levels,” De Haan said.
De Haan said even if the Strait of Hormuz reopens, it could still take time before drivers see relief at the pump.
“For the summer, we could be record setting at the same time if/when the Strait does reopen, we’ll probably start to see some relief, but it’s going to take awhile at this point to see a full normalization in gas prices,” De Haan said.
After briefly dropping over the weekend amid optimism surrounding a possible peace deal in the Middle East, gas prices began climbing again following U.S. airstrikes on Iranian targets.
According to AAA, the average price for a gallon of regular gas in Georgia is $3.97. Officials said that remains about 50 cents below the national average because of the state gas tax suspension.
Nationally, the average price for a gallon of gas stands at $4.51.
De Haan also said rising diesel prices are adding pressure across the economy because diesel powers many of the vehicles used to move goods across the country.
“Diesel is the fuel that powers the U.S. economy engine,” De Haan said.
He said higher diesel prices can eventually lead to increased prices for consumers.
“From trucks to tractors to trains, the vehicles that move the economy and build it use diesel,” De Haan said.
De Haan said rising energy costs are already showing up in inflation data and warned prices could continue increasing before conditions improve.
“Its incredibly impactful to the underlying economy. We’ve already seen it in CPI data, in inflation data, showing energy prices are surging and it’s likely to get worse before it gets any better,” De Haan said.