U.S. gas prices to go down amid Iran conflict

RALEIGH, N.C. (WNCN) — The U.S. military strikes in Iran have raised questions about what this could mean for oil and gas prices, but experts say there is no reason to worry.

“For the time being, its okay to take a breath, its okay to not necessarily panic,” Petroleum specialist with GasBuddy, Matt McClain said.

McClain says the situation with Iran is evolving and can be concerning to consumers.

But after seeing the retaliation Monday, as Iran fired missiles at the U.S. base in Qatar and seeing the vulnerabilities of how closing the strait of Hormuz could be detrimental to Iran’s economy experts from GasBuddy are seeing no reason to stress.

“Everybody who trades oil, taking a very deep, deep sigh of relief and were seeing that reflecting in the price points of a barrel of crude oil as well as wholesale gasoline prices,” McClain said.

According to AAA North Carolina, on Monday the average gas price sits at $2.92 a gallon, 32 cents cheaper than last year.

“Now its going to look like more of a decrease across really North Carolina, South Carolina, the United States, everything at this point,” McClain said.

He says he expects a 10 cent decrease for unleaded gas by the end of the week.

Which drivers say is a pleasant surprise.

“Oh! Well wonderful! Okay great, just in time for fourth of July,” Driver, Abby Wojciechowski said.

McClain says that because most of our gas comes from Canada and other allies we will have enough in the states regardless.

“As it seems right now, if this is all that Iran is going to do, were going to be okay. By the end of this week prices are actually going to fall across the nation,” McClain said.