COLORADO SPRINGS — Gas prices have been dropping in the last month across the country, but there is some concern the current conflict in the Middle East could cause prices to rise again.
Dr. Joe Craig, Director Emeritus of the UCCS Economic Forum, believes the current war between Israel and Palestine will have an impact of less than five percent of any future changes in gas prices.
"The number one source of our oil is ourselves," said Dr. Craig. "Our number two is Canada. Again, that doesn't mean that the Middle East isn't vitally important to this again.”
According to AAA, the current average for regular gasoline in Colorado is $3.78, which is down from $3.96 a month ago. The state average has dropped nearly $1.50 from its peak of $4.92 in June of 2022.
Dr. Craig believes since most of our nation's oil is produced in North America the impact should be limited. If the entire Middle East region gets embroiled in the conflict, that could have a larger, long-term impact.
"But every conflict we've seen over there tends to be pretty localized, not long lasting, violent and over quickly, which I think this is what it's going to be," said Dr. Craig. "If that's where it stays no huge impact on gas prices here.”
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