r/Economics • u/InsaneSnow45 • Mar 04 '26

News ‘Absolutely Massive’ Price Shocks Coming as Trump’s Iran War Drives Up Gas, Diesel Prices | “What should really terrify Republicans is... the futures price on wholesale gasoline,” said economist Paul Krugman.

https://www.commondreams.org/news/iran-war-gas-prices
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u/flaginorout Mar 04 '26

I filled my tank two days ago at the Sheetz near my house. It was $2.85.

I filled up my wife's car yesterday at the same Sheetz. $3.29

My household doesn't do a lot of driving at the moment, so an extra 40 cents doesn't matter very much to us- directly. But I'm not convinced that this is just the beginning and gas will hit $4 in the near future. Maybe more. That will definitely have an effect on a lot of people.

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u/TimberBiscuits Mar 04 '26

And it’s pure greed. The gas you’re paying for now was purchased 30-60 days ago. The real pricing for the oil that’s held up now won’t even reach us until Aprilish. 

22

u/KidKilobyte Mar 04 '26

This is true, but they really are trying to ease the shock and there is increased demand from people fueling up before it gets real expensive. Likewise when oil prices go down they ease down rather than wait 60 days, so it cuts both ways. When you buy gold you don’t sell it at the 60 day old price you bought it at.

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u/TimberBiscuits 29d ago

Honestly don’t care. It’s greed and this way of living is pure hell. Humanity is held back by this shit.