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Experts say to expect "volatility along with higher prices" in gas amid war in Iran

By
Heath Kalb
Heath Kalb
Heath Kalb joined the CBS News Detroit team in September of 2024 after spending two years at the NBC affiliate in Springfield, Massachusetts.
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Heath Kalb

/ CBS Detroit

Gas prices across the country jumped an average of 11 cents Monday night, according to AAA. As the war with Iran continues, people in Metro Detroit are worried that they're going to continue to feel the ripple effects at the pump moving forward.

"Ninety percent of Americans probably don't agree with what's going on, and so, as a result, we're kinda all left paying the price regardless," said Tyler Pelland from Redford.

Oil prices are surging amid disruption in the Strait of Hormuz, the strategically vital waterway connecting to the Persian Gulf that handles 20% of the world's oil supply.

"Hundreds of ships have dropped anchor in the Persian Gulf awaiting what the next move may look like, and the ripple effect has been dramatic on the price of oil, which has jumped by over $10 a barrel over the weekend," said Patrick De Haan, petroleum analyst with GasBuddy.

Experts say motorists could face even higher prices within days, with De Haan predicting that the price could jump by 30 cents a gallon by the end of the week. 

"And that will be the status quo moving forward. There is going to be a bit of volatility along with higher prices."

Shaquille Hammond, who works as a DoorDash driver, says he's been closely following how much it will cost him to fill his tank, something he does twice every day.

"It's like when you're trying to make money, and you've got gas that's helping you make money, and it's up. It's just very frustrating," Hammond said. "You could make $100, then you're taking $30 right out of that, so it's really like taking from you a lot."

While drivers are worried about filling up their cars, natural gas prices are also surging, which could translate into higherhome heating and electricity prices.

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