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Will the Ongoing Israel-Hamas War Impact Gas Prices in Virginia?

Although gas prices in the state are on a steady decline according to AAA, the ongoing Israel-Hamas war has some residents wondering if there may be a shift in prices at the pump.

The average price across the Commonwealth for a gallon of regular fuel stands at about $3.35 cents, a 19 cent decrease from this time last year.

The question of a potential increase of fuel prices comes as Americans saw record numbers in gas prices last year after Russia invaded Ukraine, sparking war.

The Biden Administration posed multiple sanctions on Russia, specifically banning the import of Russian oil, liquefied natural gas and coal to the U.S. in March of 2022.

8News reached out to the Mid-Atlantic division of AAA inquiring if travel agencies are seeing a possibility of an increase in the price of gas and were met with details explaining this particular situation is different, stating that Russia is a major oil producer.

“Neither Israel nor Palestine are significant oil producers,” said Morgan Dean, a spokesperson for AAA Mid-Atlantic. “So the impact is likely to be much more minimal as long as the war does not spread to more countries in the region, the effect on the oil market is likely to be muted.

Drivers said Saturday that regardless of the impact, they will have to pay either way.

“We’re still going to pay for it no matter what because we need the gas to get around from point A to point B,” said John May of Chesterfield County. “To go work, to go to the grocery store, to go to the doctor’s appointments, we’re going to pay no matter what.”

Dean said the potential involvement of other Middle Eastern countries in the Israel-Hamas war may pose a disruption of oil, which would then cause a possible increase in prices.

For now, though, Dean confirmed the price of fuel here in the state is on a steady decline.

Source: WRIC