KSHB 41 reporter Lily O’Shea Becker covers Franklin and Douglas counties in Kansas. Share your story idea with Lily.
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Gas prices at some stations across Kansas City, Missouri, jumped 40 to 50 cents from over the weekend and into Monday, according to GasBuddy.
In response to U.S. and Israeli attacks on Iran, global oil prices spiked.
“We will know more probably within two or three weeks, but if you like roller coasters, that’s what we’re into right now," said Chris Kuehl, economist and managing director of Armada Corporate Intelligence. "It’s going to be, ‘Wow, the price of oil is way high, no it’s not, yes it is, no it’s not.’”
Prices at some gas stations across the metro — from Riverside to the Midtown and Brookside neighborhoods of Kansas City, Missouri — jumped to $2.99.
“I think we’re going to see prices in the threes, probably as high as $3.50, at least temporarily," Kuehl said.
On Monday, Iran closed parts of the Strait of Hormuz. According to the Associated Press, 20% of the world's oil travels through the sea passage that connects the Persian Gulf to the Indian Ocean.
“The movement of goods, the cost of that is going to go up because there’s less oil available," said Larry Wigger, supply chain economist with the University of Missouri-Kansas City.
Both Wigger and Kuehl say what's next is unknown. The economists believe impacts could be felt later in other markets.
“Remember, oil is not just about fuel," Wigger said. "It’s also in a lot of the clothes we wear, the foods we consume, the packaging for things, pharmaceuticals. There’s a lot of stuff that needs that oil; it’s not just fuel."
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