(WKYT) – Gas prices continue to climb as the conflict in Iran disrupts oil supply through the Strait of Hormuz, with experts warning prices could keep rising.
As of Wednesday, gas is averaging $4 per gallon nationally. In Kentucky, the average is $3.88 per gallon.
Prices at pumps Wednesday morning showed diesel running as high as $5.34 per gallon and gas between $3.97 and $3.99.
Jordan Delpont, owner of Delpont Electrical Services, said the rising costs are affecting his business across central Kentucky.
“You’re not alone. We’re all feeling it. I think it’ll come back down. At least I’m optimistic about it anyway,” Delpont said.
Before prices started climbing, Delpont spent around $100 to fill up. Now he’s paying nearly $200.
“With the fuel cost the way it is, I’m trying my best to not let it reflect on my customers, but it’s becoming hard not to. You know, my fill up price is almost doubled on a fill up,” Delpont said.
He said he’s having to charge more to cover fuel expenses, especially for equipment that runs on diesel.
Matt McClain, a petroleum analyst with GasBuddy, said the impact will extend beyond gas tanks to jet fuel, diesel and grocery costs.
“Right now every penny is going to count,” McClain said. “Probably not a bad idea if you need to get gas to go ahead and get it today because I expect prices to continue to increase as we make our way throughout the remainder of this week.”
McClain said consumers can save money by joining loyalty programs, taking fewer trips and driving the speed limit.
“We’ve got a big problem and we need to monitor that and start recognizing that we’re going to have to start if we have a financially sensitive budget as most Americans do these days, it’s time to start mentally preparing for that,” McClain said.
GasBuddy says as long as the disruption of the Strait of Hormuz continues, prices could keep rising. Even if the strait opened today, McClain said gas prices would remain elevated for some time before coming back down.