PHILADELPHIA, Pa. (KYW Newsradio) — The prices at the pump keep inching up as the war in Iran continues with no real end in sight. President Donald Trump said on Wednesday that the war would end after the midterms.
Gas prices increased by 5 cents in the Philadelphia region in one day. Gas was $4.49 for a regular gallon as of Thursday morning, according to AAA. That is up 14 cents in a week, 37 cents in a month, and $1.22 compared to this same time last year.
A barrel of oil was above $100 again on Thursday. The cost of oil accounts for more than half of the price that consumers pay at the pump.
By Thursday night, the cost per gallon for at the Wawa on Penrose Avenue in Philadelphia near the Platte Bridge was $4.60 a gallon.
Kevin Capone was gassing up for a trip back home by the Shore. He was getting $60 worth, but a full tank in his SUV would’ve run him nearly twice that.
"It’s a major pain," he said. "You’re losing how much extra money a month you’re putting out that you weren’t putting out before. It’s too much."
Bob Rossi was preparing for an even longer commute — he drives between Philly and Newport News, Virginia every week. As he’s budgeting hundreds per week for gas, his biggest frustration is how quickly gas prices change due to shipping conditions.
"Usually it takes months for other things to happen," he said. "This is like overnight. They’re just pinching people, that’s my gut feeling."
Olivia Clark said the massive cost is having her considering other options.
"When you start incorporating, 'Oh, should I get an electric car instead? Would that make it easier?' But how much do those cost? So there are a lot of factors," she said.
Capone fears where costs will be once the temperature dips to freezing again.
"I don’t even want to imagine what gas is going to be for heat and stuff in the winter," he said. "Is that going to be $4, $500 a month, on top of the electric? I don’t know."
The U.S. struck Iranian oil tankers this week, and Iran fired back. The stalemate goes on at the Strait of Hormuz.
Trump has said on a number of occasions during the nearly seven-month war with Iran that the conflict was close to ending. Speaking to reporters before boarding Air Force One, en route to the GOP midterm convention in Dallas, the president said the end would coincide with the end of the midterm election.
“Shortly, but right after the election, because they would like to have it that way. But right after the election, oil prices are gonna be tumbling downward. They’re gonna be tumbling down and we’ll get them down — I think for gasoline, we’ll get them below $2 a gallon,” Trump said.
The last time the average price for gasoline got that low was in 2020, during the beginning of the pandemic as demand plummeted. The average was just below $3 late last year.
And it’s not just regular gas that has skyrocketed. The average price of diesel in the Philadelphia area was $6.14 a gallon, according to AAA. That is 62 cents higher in the last month and more than $2 higher than it was a year ago.
It is getting more and more expensive to transport food and other goods, and the cost is being passed on to consumers.
Trump says war would end after the midterms
Trump says war would end after the midterms
