GRAND RAPIDS, Michigan — It’s Tuesday, which means we’re talking gas prices.
The geopolitical landscape could push U.S. gas prices higher after nearly two months of consistent declines on average.
Right now, according to GasBuddy analyst Matt McClain, it’s a waiting game to see how the conflict in Iran unfolds.
“The president of the United States making comments that ‘help is on the way’ — that’s a quote that gives you pause and makes you say, ‘OK, it looks like we may have an unfolding geopolitical situation that could be quite complex,’” McClain said.
President Trump has once again stoked fears of a U.S. invasion of Iran as unrest there has led to a reported death toll of at least 5,000, according to the Human Rights Activists News Agency. That unrest has rattled the oil market, causing oil prices to jump about 4% in just 48 hours following the president’s initial comments.
McClain said Iran is a major member of OPEC and produces more than 4 million barrels of oil per day, meaning any escalation could quickly push prices higher here at home if crude oil prices rise following a U.S. invasion.
“So we may be in for a bumpy ride as things unfold there, especially since other Middle Eastern countries are alarmed by the idea of the United States and Israel taking action inside Iran — and they’re particularly concerned about the impact on oil,” McClain said.
In just the past week, gas prices have risen more than 3 cents nationwide after seven straight weeks of declines, according to GasBuddy.
Here’s a look at what drivers are paying, county by county, across West Michigan:
- Kent County: $2.86 per gallon
- Muskegon County: $2.71 per gallon
- Ottawa County: $2.67 per gallon
- Kalamazoo County: $2.88 per gallon
As for when to fill up, gas prices will start to peak midweek, so if drivers can wait until the weekend or early next week to fill up, that's their best bet to save some money.
