While Iran says the Strait of Hormuz is apparently “completely open” as all sides work toward a long-term deal, a gas expert said it’s going to take some time for fuel prices to stabilize.
Patrick DeHaan with Gas Buddy told KNX News’ Craig Fiegener that California is in “a weaker position” because two refineries shut down.
“California is now more reliant on oil and refined products from overseas to be imported,” he said.
He said if the Strait closes again and for a longer period of time, it could cause more issues.
“It's not impossible if the situation were to continue going for a couple of months, that prices could rise in some areas to $7 or $8 or $9 a gallon,” he said.
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