DENVER — The impact of the United States' entering the conflict between Israel and Iran is already being felt at gas pumps in Colorado.
Prices in Denver are up 17 cents in a week, according to Patrick De Haan with GasBuddy. In Denver, the average gas price is $3.18 a gallon, compared to $3.10 a gallon in Fort Collins and $3.21 a gallon in Colorado Springs.
“From the moment that Israel launched attacks on Iran last week, the price of oil has jumped noticeably,” said De Haan.
Markets are closely watching the conflict and escalating retaliation. Iran has threatened to close the Strait of Hormuz — the only sea passage from the Persian Gulf to the open ocean. Around 20% of the world’s crude oil is transported through the strait.
“Shutting it down would have a drastic impact, but the bigger question is, would Iran be able to pull this off?” De Haan said. “After Israel has demonstrated air superiority, there's a big question if Iran would be able to block this 55-kilometer-wide stretch of the Strait of Hormuz.”
There are many different things drivers can do to increase fuel efficiency and save money as prices rise.
“Using cruise control, not using your air conditioning if you're sitting in highway traffic, and reducing your speed a couple miles an hour,” De Haan said. “Those steps can help you get more miles out of every tank.”
De Haan also recommends signing up for loyalty programs at gas stations and grocery stores for discounts of five to 20 cents a gallon. You can also use apps like Google or GasBuddy to find the lowest-priced gas station nearby.
