The News10NBC Team details breaking News, Traffic and Weather.<\/p>\n
ROCHESTER, N.Y. \u2014 Prices at the pump have spiked again, with the national average increasing by three cents to $3.64 a gallon, according to GasBuddy. In the Rochester area, prices are currently a dime cheaper, but experts warn this won\u2019t last.<\/p>\n
Residents in the Northeast are the last in the country to switch to the more expensive summer blend of gasoline, which could add 15 to 30 cents per gallon. Additionally, Goldman Sachs predicts oil prices will remain 20% higher than last month through the end of the year. This prediction follows attacks on at least 16 oil tankers and cargo ships, with Iran claiming responsibility for many of these incidents. The country has also threatened further attacks on tankers traveling through the Strait of Hormuz.<\/p>\n
President Trump has urged ship captains to \u201cshow some guts\u201d and cross the crucial waterway. However, Patrick De Haan, a petroleum expert with GasBuddy, highlights the risks involved. \u201cWe\u2019ve seen a complete loss of confidence in the ability for ships being able to transit through the strait safely,\u201d De Haan said. \u201cUntil that\u2019s restored, that is going to continue to be a problem with elevating oil and energy prices as a result.\u201d<\/p>\n
Deanna Dewberry, News10NBC: \u201cCertainly economists are hoping this crisis is short-lived. But if it\u2019s not, if this war stretches into weeks, what could we see?\u201d<\/p>\n
Patrick De Haan: \u201cI don\u2019t even like to think about what could happen in another week in the Strait of Hormuz closure because 20 million barrels of not only oil, but gasoline, diesel and jet fuel that\u2019s not coming out of the Middle East as well. So many people only focus on the price of oil but fertilizer, chemicals, petrochemicals, oil, gasoline, diesel, jet fuel, are all very impacted. Another week of this may lead to an economic recession in the United States.\u201d<\/p>\n
De Haan is not alone in predicting the possibility of the war triggering a recession. Several economic analysts warn that the strain caused by elevated fuel prices could have significant economic repercussions. The impact on the economy largely depends on the duration of the conflict.<\/p>\n","protected":false},"excerpt":{"rendered":"The News10NBC Team details breaking News, Traffic and Weather. ROCHESTER, N.Y. \u2014 Prices at the pump have spiked…\n","protected":false},"author":2,"featured_media":539113,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,99,164],"class_list":["post-539112","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-au","tag-australia","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/539112","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=539112"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/539112\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/539113"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=539112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=539112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=539112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}