As tensions remain high between the U.S. and Iran, gas prices continue to stay high, impacting American citizens, especially college students who are trying to work and pay for school while staying on top of expenses.
The U.S. and Iran war started on Feb. 28 and within just three weeks, gas prices rose 32%. The largest jump was on Tuesday, March 9, when prices rose 12 cents in one day. This was the highest single-day jump in gas prices since 2022.
The cause for the rise in prices comes from the U.S. reliance on foreign oil. About 30-35% of U.S. oil is imported from other countries, including regions near Iran.
Kerry Martin, a Senior Lecturer of Economics, spoke on how this current conflict affects pricing.
“Domestic production does not shield U.S. consumers from these increases. U.S. oil producers participate in a global market and sell at current world prices. As global prices rise, domestic buyers must pay those higher prices as well, driving up costs for U.S. consumers,” Martin said.
Gas prices remain high, with most locations in Fairborn sitting at an average of about $3.65 per gallon. These high prices are impacting Wright State University (WSU) students, especially commuters.
Shelby McCoy is a middle childhood education major at WSU who commutes to school and work.
“Between driving to classes and work and all the back and forth, I’m driving multiple hours a day and spending at least $100 a week on gas. It’s ridiculous,” McCoy said.
Other students face the same obstacles, with gas prices so high it causes a strain on the rest of their budget.
Kayla Davenport, a social work major at WSU, shared the same sentiment, as she has an almost 40 minute commute to school everyday.
“With the changing gas prices, I never know if I’m going to have enough money to even drive myself to campus because it takes so much gas to go back-and-forth,” Davenport said. “I either have to choose getting a full tank of gas or buying myself lunch that day, because I don’t know if gas is going to cost $30 or $50.”
Gas prices are not the only prices affected, as high energy costs have continued to add to inflation. Groceries, air travel and more continue to see a rise in prices as the conflict continues. There is no sign of a change in this anytime soon.
“In the short term, gas prices are likely to remain elevated. While prices may decline if the conflict stabilizes, they typically fall more slowly than they rise due to delays in refining, transportation, and contractual pricing,” Martin said.
