Gas prices jump across Cape Fear region as Iran conflict drives national surge
WILMINGTON, NC (WWAY) — Over the past week, the national average for a gallon of regular gasoline has increased by nearly 50 cents, largely due to the ongoing conflict with Iran.
And some experts anticipate prices continuing to increase this week.
“We’re looking at possibly another 20 to 50 cents a gallon this week just from today from where things stand,” said Matt McClain, a petroleum analyst with Gas Buddy.
Here in the Cape Fear region, gas station signs are showing off that increase.
According to AAA, in Wilmington, a gallon of regular gas now costs $3.34, a 52-cent increase compared to last week.
Wilmington resident Jennifer Le Zotte said she has not been surprised by the rise in gas prices.
“I was completely unsurprised. I’m old enough to remember when this happened when we go to war with oil-laden countries,” Le Zotte said. “The prices are gonna go up.”
Attacks by the US and Israel on Iranian oil facilities and depots, along with several attacks by Iran on ships traveling through the Strait of Hormuz, are among the contributing factors.
Satellite images show traffic through the strait has slowed to a crawl since the war began.
Dr. Anup Phayal, who teaches international relations at UNCW, explains why the Strait is so important.
“Mainly because Iran sits and dominates this, the Strait of Hormuz, from which about 20% of the oil passes to global market,” Phayal said. “Which is also about 80 or 90% for the Asia (market) in particular.”
And it isn’t just everyday drivers who are being affected, as a gallon of diesel has seen an even bigger jump to $4.66 in Wilmington, over a dollar increase from last week.
A jump, McClain said, could have a wide-ranging impact.
“A very large concern, because that will impact shipping which will directly impact prices at the grocery store, retail stores, clothing, you name it. The shipping cost have to be factored into what the price point you see on the store shelf. I am genuinely concerned.”
