SAN DIEGO (KGTV) — San Diego residents are concerned about potential increases in gas prices as tensions rise in the Middle East following U.S. attacks on Iranian nuclear sites.
Kenneth Thrift, who lives in San Diego, is taking precautionary measures by filling up multiple vehicles.
"They could shut down, uh, you know, the, uh, delivery to a lot of the regions, and, uh, that's why I'm filling up my, uh, cars right now," Thrift said.
Thrift even plans to fill up his hybrid vehicle as a precaution against potential price increases.
For San Diego resident Tyrone Sales, who already pays $75 to $80 to fill his tank, any additional increase would be difficult to manage.
"I might have to start riding a bike something else because that's crazy," Sales said.
Gas at a station off Federal Blvd. was priced at $4.59, but experts warn this could increase if Middle East tensions continue to escalate.
Alan Gin, economics professor at the University of San Diego, explained that Iran's strategic position gives them significant leverage over global oil supplies.
"They are also in a position then to block the Straits of Hormuz, uh, through which flows a large amount of the world's oil," Gin said.
Gin noted that a serious disruption could push oil prices to $100 a barrel, with widespread economic impacts.
"For every 1 cent that the price of a gallon of gasoline goes up, that takes about a million dollars a month out of the local economy," Gin said.
The effects would extend beyond gas prices, potentially increasing costs for plastics, fertilizers, and shipping.
"Diesel gas prices go up as well, and that's gonna raise the cost in the shipping products," Gin said.
Gin recommends consumers prioritize their spending to manage potential price increases.
On Monday, President Trump posted on social media, "EVERYONE, KEEP OIL PRICES DOWN. I'M WATCHING! YOU'RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON'T DO IT!"
While the president doesn't control oil prices, he called on the Department of Energy to increase domestic drilling.
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