SAN DIEGO (KGTV) — Gas prices in Southern California are going up. Ongoing conflict in Iran is just part of the puzzle, however.
According to GasBuddy, prices could rise 10 to 30 cents per gallon — though the increase is not expected to be permanent. On the upper end, that works out to roughly $4 more to fill an average-sized tank.
A significant portion of the world's oil travels through the Strait of Hormuz, which is controlled by Iran. The strait is effectively shut down right now, with many oil tankers avoiding the area, according to MarineTraffic.com. If that trend continues, it could have broader global economic impacts.
However, data from the Energy Information Administration shows that roughly 10% of U.S. oil imports come from the Middle East. The U.S. also only imports about 30% of its total oil supply.
Gas prices in California were also already set to rise this summer due to the annual switch to summer-blend gasoline.
"When it comes to gasoline, diesel, and jet fuel prices, we are in the midst of seasonal changes coming to gasoline. That is the transition to summer gasoline coming to most of the country. Summer gasoline is more costly, it's more expensive," said Patrick DeHaan, the Head of Petroleum Analysis.
The country expected to feel the sharpest impact is China, which depends heavily on oil from the Middle East and Venezuela.
Rep. Darrell Issa said.
"So, China's reserves are going to be going down very rapidly. Venezuela is no longer shipping oil -about 800,00 barrels a day - to China. As oil becomes scarce coming out of the Gulf, the reality is China is going to zero on Iranian oil, and they've depended on that oil," Rep. Darrell Issa, R-Calif, said.
For Southern California drivers, the bottom line is that yes, the attack on Iran will affect your wallet — but likely by the cost of a cup of coffee.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
