Will Colorado Gas Prices Rise Due To Iran Conflict?

The news has been dominated the last few days by the conflict in Iran, where the U.S. and Israel have coordinated attacks on the Middle Eastern country for a myriad of different reasons, effecting taking out Ayatollah Khamenei, Iran's "Supreme Leader" in the process.

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Reactions around the world have been mixed, and have been even been mixed right here at home.

But one question that keeps arising is whether or not the conflict in Iran will affect the price of gasoline here in the United States, and right here in Colorado?

The definitive answer remains to be seen, but that answer is almost certainly "yes." As about 1/5 of the world's oil comes through Iran, via the Strait of Hormuz. That waterway has been closed due to the conflict.

Related: Current Gas Prices in Northern Colorado from Gas Buddy

While the United States doesn't specifically get oil from Iran, much of the rest of the world does and in a supply and demand world we live in, the availability and price of fuel around the world will certainly impact our pricing here in the U.S.

The current average price of a gallon of gas - as reported by AAA - in the State of Colorado is $2.889. That has Colorado about the middle of the pack nationally, with Oklahoma being the cheapest at $2.475 and California being the most expensive at $4.657.

Forecasts and projections from a host of different sources across the internet suggest that a temporary surge in fuel prices is coming this month as a result of the conflict in the Middle East, with prices nationally expected to average around $3.70-$4.00 per gallon before all is said and done.