MARQUETTE, Mich. (WLUC) – Gas prices have a chance of dropping by the end of this week, but it all depends on whether the Strait of Hormuz opens or closes.<\/p>\n
GasBuddy Head of Petroleum Analysis Patrick DeHaan says gas prices could decrease by cents at a time. However, with the conflict in Iran, this is subject to change. DeHaan says over 20 million barrels of oil flow through the Strait of Hormuz daily.<\/p>\n
DeHaan says if the conflict continues, you could be looking at record-breaking prices.<\/p>\n
\u201cThe longer this goes, the more impactful it\u2019s going to be, and certainly, you know, there\u2019s the potential that if it does continue into the summer, we\u2019d likely be setting new all-time records for gas prices,\u201d DeHaan said. \u201cAnd some areas of the country may be seeing supply disruptions.\u201d<\/p>\n
Currently, gas prices are lower here in the U.P. compared to the Lower Peninsula.<\/p>\n
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