Analysts: CT gas prices could jump within days after Trump declared Iran ceasefire 'over'
For now, gas prices are holding steady in Connecticut. But analysts predict they could rise "within a day or two" after President Donald Trump said a ceasefire with Iran is
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Analysts expect gas prices to rise within days in Connecticut, following President Trump’s announcement that a ceasefire with Iran “is over.”
But Trump insisted on Wednesday that any spike will be temporary.
“THEY'RE SCUM”
Crude oil prices jumped 4-5% on Wednesday after Trump appeared to nix the Memorandum of Understanding with Iran. The move came after the regime attacked three oil tankers in the Strait of Hormuz.
“I think it’s over. I don’t want to deal with them anymore. They’re scum,” the president told reporters at the NATO Summit in Turkey. “We can play games but I’m not sure I want to make a deal. Let's just finish the job.”
The news sent the Dow Jones Industrial Average down 576 points, but Trump brushes aside traders' concerns.
“The prices of oil are dropping like a rock,” he said. “Now they’ll be up a little, and this will end very quickly. We have a tremendous – we have an oil glut right now.”
After the markets closed, U.S. Central Command launched a new round of air strikes on Wednesday night.
“The United States is holding Iran accountable for recent unjustified aggression against commercial shipping and civilian crews freely navigating a vital international waterway,” CENTCOM said.
[Twitter]https://twitter.com/CENTCOM/status/2074950507186032971?s=20[/Twitter]
IMPACT AT THE PUMP
For now, gas prices are holding steady in Connecticut.
The average price remains at $3.90 a gallon, according to AAA. That’s 47 cents cheaper than a month ago, but still 74 cents more than last July.
Drivers are filling up in case prices go up.
“It’s 3.79 today and I looked at it and I actually thought it wasn't bad – today,” said Brenda Dunn, who was driving from Norwalk back to her home in Pennsylvania.
How much could gas prices rise?
“That’s the million-dollar question,” said Dr. Mohammad Elahee, a professor of International Business at Quinnipiac University. “It has gone up a little bit and I’m afraid that if the uncertainty continues, we will see a further spike.”
Even if hostilities with Iran end quickly, Elahee predicted that prices at the pump will rise – and fast.
“I think it reflects within a day or two because whenever there is uncertainty, the oil market reacts usually within hours,” he said. “Sometimes even minutes.”
DRIVERS REACT
Some drivers aren’t worried.
“No, not so much,” said Kevin Gannon, of Norwalk. “It always fluctuates. And if a deal is off now, it’s to be expected.”
Israel Concepcion, also from Norwalk, believes higher gas prices are a small price to pay for security.
“To squash them, yeah, and give rid of that evilness? It’s well worth it,” he said. “Iran has been an evildoer for many, many years. So, you know, we've got to jump on them with both feet and see what the outcome is. Trump’s doing the best job he can.
But others are fed up.
“Between the tariffs, between the war, the gas prices, people struggling,” Dunn said. “People have to drive. They have to, you know, take their kids places and all these things. I think it’s very sad.”
