GRAND RAPIDS, Michigan — The war in Iran is now in its second week, and its impact on gas prices is already being felt across West Michigan. Gas prices in the Grand Rapids area have risen 85 cents per gallon in the first week of the conflict alone — and analysts warn prices could climb even higher before the week is out.
In an interview with Reuters last week, President Trump addressed the rising cost of fuel as the conflict in the Middle East intensifies.
"They'll drop very rapidly when this is over, and if they rise, they rise. But this is far more important than having gasoline prices go up a little bit," Trump said.
GasBuddy says the potential longevity of the war and Iran's own threats have caused a major disruption in the global oil market. At the center of those concerns is the Strait of Hormuz. Matt McLain with GasBuddy explained what is at stake.
"The Strait of Hormuz provides about 20% of the world's oil, and that has really had some issues regarding Iran sending out radio signals this week saying it's closed, and any vessel that tries will be attacked and set on fire and destroyed," McLain said.
One-fifth of the world's oil flows through the strait. As of Sunday, oil prices climbed above $100 per barrel — the first time since Russia's invasion of Ukraine — driven in part by the disruptions caused by Iran's threats.
While many drivers are focused on rising gas prices, McLain said the sharp increase in diesel prices may carry an even broader economic impact.
"But if this stays this way for a while, that's where I want to start becoming a little bit more concerned on how much that's going to impact prices on store shelves, groceries, retail, the shirt that you buy off rack, whatever the case may be, it had to get there utilizing diesel fuel for that tractor trailer to get to the loading dock," McLain said.
GasBuddy predicts gas could rise another 20 to 50 cents per gallon this week, while diesel prices could climb as much as 75 cents per gallon this week alone.
Here’s a look at what drivers are paying, county by county, across West Michigan:
- Kent County: $3.67 per gallon
- Muskegon County: $3.62 per gallon
- Ottawa County: $3.63 per gallon
- Kalamazoo County: $3.67 per gallon
As for when to fill up, GasBuddy predicts gas prices will only continue to go up this week while the War in Iran rages on, so fill up now to save some cash.
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