Buffalo, N.Y. (WBEN) - Gas prices will be something many in Western New York and across the nation will be watching, as tensions continue between the United States and Iran after both sides traded attacks.
Right now, experts say prices aren't as high as they were a year ago at this time.
"We're keeping a close eye on prices at the pump, based on what's happening in the Middle East," said GasBuddy's Patrick De Haan in an interview with WBEN.
He says oil prices actually, at this moment, being down 4% is not necessarily the reaction you would expect.
"Oil prices did jump Sunday night, about 4%, but now we've reverted to a 4% decrease. So a wild turnaround as the market is trying to make heads or tails of if Iran will try to close the Strait of Hormuz," De Haan said. "Personally, I don't see that as happening. A 55 kilometer area that Iran would have to successfully block. Meanwhile, there'd be a significant amount of pressure on Iran to allow shipments of oil through. Major oil producers use the Strait of Hormuz to ship millions of barrels of oil."
He says 20% of oil that's produced is shipped through the Strait of Hormuz daily.
Meanwhile, the national average for a gallon of gas jumped up about eight cents in the last week, while diesel has jumped about 16 cents a gallon in the last week.
"For now, if the way the market stands at this moment persists, the increases which will likely continue for the first part of this week, could start to decrease by closer to the weekend," De Haan noted.
But what if tensions escalate further?
"If things continue to escalate in the Middle East, there could be another strong reaction, and oil prices could go up. We just have to kind of wait and see," said Elizabeth Carey from AAA or Western and Central New York with WBEN.
However, Carey feels there's nothing drastic on the horizon.
"People don't need to rush out and fill up their tank immediately today, but if you're getting low, fill it up and just keep an eye and see where things are going," she advised.
If you're looking for ways to save on gasoline, she recommends using "Big Box" retailers and try to use any gasoline discounts that might apply to you.
There's another factor Carey points to that is coming into play when it comes to gas prices.
"We also have to remember Fourth of July travel season is not too far off. People are going to start traveling next weekend to be away on vacation for Independence Day. That's going to mean an increase in demand for gasoline as well," Carey explained.
Carey says the New York State average for a gallon of gas at the pump was about $3.58 last year, and about $3.21 now. It's well over 30 cents cheaper now than it was a year ago.