Close Menu
Truth Republican
  • Home
  • News
  • Politics
  • Business
  • Guns & Gear
  • Healthy Tips
  • Prepping & Survival
  • Videos
Facebook X (Twitter) Instagram
Truth Republican
  • Home
  • News
  • Politics
  • Business
  • Guns & Gear
  • Healthy Tips
  • Prepping & Survival
  • Videos
Newsletter
Truth Republican
You are at:Home»Business»GasBuddy expert says claims gas prices will see ‘massive spike’ are ‘incorrect on the highest level’
Business

GasBuddy expert says claims gas prices will see ‘massive spike’ are ‘incorrect on the highest level’

Buddy DoyleBy Buddy DoyleJune 24, 2025No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp
GasBuddy expert says claims gas prices will see ‘massive spike’ are ‘incorrect on the highest level’
Share
Facebook Twitter LinkedIn Pinterest Email

GasBuddy’s head of petroleum analysis spoke with Fox News Digital about rising concerns that gas prices will skyrocket after President Donald Trump ordered a strike on Iranian nuclear facilities over the weekend and the Middle Eastern nation weighs shutting down the critical Strait of Hormuz.

Patrick De Haan told Fox that an increase in gas prices for Americans “would likely be temporary” even if the Iranians go forward with shutting down a passage that facilitates roughly one-fifth of the world’s crude oil trade. His comments came before Iran retaliated by firing missiles at a U.S. base in Qatar, which intercepted those missiles. No casualties have been reported, Fox News’ Liz Friden reports. 

TRUMP HINTS AT REGIME CHANGE IN IRAN WHILE DECLARING ‘MAKE IRAN GREAT AGAIN’ AFTER US STRIKES

“If Iran mentions closing the Strait of Hormuz, you can see a quick spike in oil past the $80 barrel mark,” De Haan explained. “That could bring a national average of $3.40 to $3.50. If they’re mildly successful in carrying that out, oil could go even higher, but it would likely be temporary.”

“Continued incorrect/false rumors talk about an incoming massive spike to [gas prices],” the GasBuddy expert posted to X. “This is erroneous. Incorrect on the highest order.”

The Strait of Hormuz is roughly 21 miles wide at its narrowest point. It lies between the Gulf of Oman and the Persian Gulf and serves as a connection through the Arabian Sea. The key natural waterway is technically governed by the United Nations Convention on the Law of the Sea, but Iran’s large military presence in the region would give them the ability to restrict passage. 

HOW IRAN CLOSING THE STRAIT OF HORMUZ WOULD IMPACT US, WORLD

Markets edged slightly higher Monday with oil futures fluctuating, but remaining mostly down during early trading hours.

“Keep in mind, oil just weeks ago was in the low to mid 60s,” De Haan added. “Oil producers had cut back on rigs. That is the U.S. rig count, a sign of where oil production may go, had actually been pointing out that U.S. production may be nearing a peak, at least temporarily, because of low oil prices.”

WASHINGTON, DC - JUNE 21: U.S. President Donald Trump delivers an address to the nation from the White House on June 21, 2025 in Washington, D.C. President Trump addressed the three Iranian nuclear facilities that were struck by the U.S. military early Sunday. (Photo by Carlos Barria - Pool/Getty Images)

But the downward trend in the price of oil now faces a heightened conflict in Iran. De Haan said that a move to shut down the Strait of Hormuz “would also be acting to stifle Iran’s own economy.”

RUSSIA CLAIMS US STRIKES ON IRAN HAVE OPENED A ‘PANDORA’S BOX’ AND COULD LEAD TO GLOBAL ‘NUCLEAR CATASTROPHE’

Vice President JD Vance also noted a decision to shut down the passageway would be a blow to Iran’s finances, telling NBC’s “Meet the Press” that closing the strait could “destroy their economy.”

“Their entire economy runs through the Strait of Hormuz,” Vance explained. “If they want to destroy their own economy, it can cause disruption in the world. I think that would be their decision, but why would they do that?”

Map of US military presence in the middle east

The Iranian Parliament voted in favor of shutting down the passageway on Monday, signaling potential unity in the Middle Eastern country to go forward with the decision. 

Fox News Digital reached out to the Department of Energy and the Department of Treasury but did not receive a response. 

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleSingle dose of ‘magic mushrooms’ provides 5 years of depression relief, researchers find
Next Article TOP 5 BEST MEN’S BACKPACKING BOOTS ON AMAZON

Related Articles

Trump’s tariff policies reshape online shopping habits, new report finds

Trump’s tariff policies reshape online shopping habits, new report finds

July 2, 2025
Amazon Prime members score major gasoline savings for July 4th road trips

Amazon Prime members score major gasoline savings for July 4th road trips

July 2, 2025
Cyberattack hits major airline, up to 6M customer profiles exposed

Cyberattack hits major airline, up to 6M customer profiles exposed

July 2, 2025
DeSantis says Florida may need ‘entry tax’ as socialist NYC mayoral candidate threatens exodus

DeSantis says Florida may need ‘entry tax’ as socialist NYC mayoral candidate threatens exodus

July 2, 2025
Experts warn Senate tax bill accelerates Medicare and Social Security insolvency dates

Experts warn Senate tax bill accelerates Medicare and Social Security insolvency dates

July 2, 2025
Trump announces Vietnam trade deal, says US given ‘total access’ to their markets

Trump announces Vietnam trade deal, says US given ‘total access’ to their markets

July 2, 2025
Republicans subpoena former Pfizer exec over timing of COVID vaccine clinical tests

Republicans subpoena former Pfizer exec over timing of COVID vaccine clinical tests

July 2, 2025
Iran conflict reveals need for America to rethink defense supply chain, expert says

Iran conflict reveals need for America to rethink defense supply chain, expert says

July 2, 2025
Waffle House drops 50-cent egg surcharge

Waffle House drops 50-cent egg surcharge

July 2, 2025
Don't Miss
Top 10 Best Bike Multi-Tools You Must Have (Cycling Tools)

Top 10 Best Bike Multi-Tools You Must Have (Cycling Tools)

Denmark Begins Conscripting Women

Denmark Begins Conscripting Women

Trump’s tariff policies reshape online shopping habits, new report finds

Trump’s tariff policies reshape online shopping habits, new report finds

Popular weight-loss drugs show promising new power against debilitating migraines

Popular weight-loss drugs show promising new power against debilitating migraines

Latest News
GROVER NORQUIST: Trump’s ‘big beautiful bill’ and its permanent tax cut will change the world

GROVER NORQUIST: Trump’s ‘big beautiful bill’ and its permanent tax cut will change the world

July 2, 2025
TOP 10 BEST EDC KEY ORGANIZERS 2021

TOP 10 BEST EDC KEY ORGANIZERS 2021

July 2, 2025
Amazon Prime members score major gasoline savings for July 4th road trips

Amazon Prime members score major gasoline savings for July 4th road trips

July 2, 2025
The gross reason airplane passengers might want to avoid using the water on flights

The gross reason airplane passengers might want to avoid using the water on flights

July 2, 2025
Judge strikes down Trump order preventing asylum requests, protections for illegal immigrants

Judge strikes down Trump order preventing asylum requests, protections for illegal immigrants

July 2, 2025
Copyright © 2025. Truth Republican. All rights reserved.
  • Privacy Policy
  • Terms of use
  • Contact

Type above and press Enter to search. Press Esc to cancel.