Gas prices continue to rise with potential impacts to travel season

FARGO, N.D. (KVRR) — Gas prices across the nation have been rising over the last few months as the war in Iran continues over the Strait of Hormuz. The national average rose from last year’s average of $3.16 to $4.45.

“Prior to the conflict with Iran, we’d expect pricing on par with where we were last year. Around $3 per gallon. We’re now in that $4 per gallon range, and that speaks to how something that happens far from home will impact price at the pump,” said Skyler McKinley, Regional Director, Public Affairs at AAA.

In North Dakota, the state average has been at nearly $4 a gallon, a dollar more than the previous year. But while prices have stayed consistent, McKinley said it’s hard to determine what the future holds.

“There were some years, COVID, where gas prices this time of the year were very, very, very, very cheap because crude oil was upside down. It’s true that gas prices track to crude oil prices. What happens to crude oil prices is what we’ve learned in the last two months is anybody’s game based off a kaleidoscope both state-side and abroad,” said McKinley.

Although the future of gas is uncertain, McKinley suggests that budgeting for summer travels is the best bet. Traveling by car or by plane may be costly.

“For travelers planning out their summer, plan for an expensive summer. Plan for gas in that $4.50 range, budget for that. If things resolve, you’ve got a little bit of extra money to spend on your travels. And if it doesn’t, at least you budgeted for it. I would say, though, also expect the ramifications of this across our economy,” said McKinley.

Since the start of this year, crude oil has risen to over $50, with crude oil prices now at about $115 per barrel