Oil prices jumped more than 3% Wednesday as tensions continue to escalate around the Strait of Hormuz, raising new concerns about what drivers and homeowners could pay for energy this fall and winter.
AAA says Massachusetts gas prices are already at a record high for this time of year, averaging about $4.24 per gallon for regular.
"This is the time of year we typically see prices steadily ticking down," AAA spokesperson Mark Schieldrop said.
Instead, drivers are facing the possibility of another increase.
The impact could go well beyond the gas pump.
Schieldrop says rising oil prices could also drive up the cost of home heating oil, creating another potential hit for Massachusetts families heading into winter.
"It's a real cause for concern as we head into the winter because diesel, that side of the barrel, is also home heating oil," Schieldrop said.
And higher fuel costs can ripple through the economy because diesel is used to transport so many of the products people buy every day.
"That means grocery prices, the price of plastics — that means everything we buy," Schieldrop said.
Oil prices are rising as tensions continue around the Strait of Hormuz, a critical route for global oil shipments.
The war with Iran is now in its seventh month, adding to uncertainty in global energy markets.
President Donald Trump addressed the rising prices Wednesday and said he expects oil prices to drop after the midterm election.
"The war will end immediately after the election," Trump said.
Trump also said he expects oil prices eventually to fall enough for gasoline to drop below $2 per gallon, while acknowledging that could take longer than immediately after the election.
"Politicians like to take credit for lower gas prices and then blame other people for higher gas prices," Schieldrop said. "The only thing that will make prices fall quickly is for the Strait of Hormuz to open back up and for the war to end."
The national average for regular gasoline is currently about $4.22 per gallon, according to AAA.
That's up sharply from this time last year, when the national average was about $3.19 per gallon.
For Massachusetts drivers, the average is even higher at roughly $4.24 per gallon.
And with the colder months ahead, homeowners who rely on heating oil could also be watching prices closely.
This is a developing story. Check back for updates as more information becomes available.
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