Alabama Gas Prices Soar Overnight, What’s Next?
Alabama residents filling up their car or truck this morning got a jolt when they saw gasoline prices had soared 11-cents a gallon overnight. The average gallon of regular unleaded in our state went from $2.66 Monday to $2.77 this morning. The national average is $3.10 a gallon, up from $2.99 yesterday.
Gas prices were already rising before the U.S. launched military strikes on Iran. The annual spring increase was already underway as refiners were switching over to summer blends of fuel and as spring break season is getting underway, but crude futures have risen sharply this week because of anticipated impacts from the conflict.
However, AAA spokesman Clay Ingram tells us, it will probably be another week before we see the impact in this country from crude oil prices resulting directly from the Middle East Conflict. “You have a military situation like this, especially in the middle east. It creates that anxiety in the marketplace and you’re going to see almost an immediate impact with oil prices,” he said.
“It takes a little bit of time for that higher priced oil to get through the refinery, get through the wholesalers, and get to our gas pumps,” Ingram added. He believes the jump in prices is a result of companies anticipating increases.
In Tuscaloosa County, the average price of a gallon rose from $2.65 Monday to $2.75 this morning. A week ago, the price was $2.59. A month ago, it was $2.50 and this time a year ago pumps showed $2.71 a gallon.
The highest price for gas in West Alabama is in Perry County where a gallon averages $2.93.
Ingram and other fuel experts warn motorists to not expect gas prices to drop anytime soon. He advises motorist to conserve gas as much as possible and to do comparative shopping for the best price at the pump.
Oil futures have soared to levels not seen in more than a year as Iran has launched a series of retaliatory attacks on its oil producing neighbors. The price of crude oil in the U.S. increased by more than 6.5% Monday, according to CBS News.
The one silver lining in across-the-board fuel forecasts is no expectations of any fuel shortages unless the conflict with Iran extends on for months.
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