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Worries about rising gas prices after Iranian general killed

Posted at 3:52 PM, Jan 06, 2020
and last updated 2020-01-06 18:53:54-05

(LEX 18) — American gasoline prices could rise in the coming weeks over fears about the potential fallout from the U.S. killing of Iranian General Qasem Soleimani. And those prices hikes could escalate if the conflict intensifies.

AAA said on Friday that the industry saw an increase in barrel prices, which is something that could impact the price of retails gasoline.

"They went up about a $1,87, now they're at $63.05 a barrel," said Lori Weaver Hawkins of AAA. "That's actually the highest that we've seen since May of last year."

Despite the events in the Middle East this past week, AAA said gas prices across the country, on average, are only up one penny.

"The average nationally is around $2.58 and that's been within a penny of where it's been the past week or so," Hawkins said. "Kentucky is lower at $2.41 and that again is also holding steady."

While thousands of troops are getting ready to deploy to the Middle East, AAA said that they are continuing to monitor crude oil prices, and other factors, like supply and demand.

"But if it looks like we're going to see a lot of increase in tensions, a lot of involvement in the Mideast, then that's likely to have a greater impact on our retail and likely to happen a little bit more soon," Hawkins said.