High Mid-Missouri gas prices could climb higher amid conflict in Middle East

COLUMBIA, Mo. (KMIZ)

According to AAA County Retail Prices, Boone and Cole counties are seeing lower prices at the pump than the national average, but one of the highest prices in the state.

And with Israel's attack and Iran and the subsequent retaliation, they could climb even higher.

Friday's report from AAA shows the national average is $3.13, while Missouri is reporting its average at $2.83. Boone and Cole counties come in at $2.90 and $2.92, respectively, which are two of the highest areas in the state.

However, crude oil prices surged more than $5 a barrel, and CNN reported the U.S. oil benchmark prices climbed almost 7%, and about $73 a barrel on Friday, following heightened tensions in the Middle East. Crude oil is a natural resource extracted from the ground and refined into essential fuels such as gasoline, diesel and jet fuel. It is traded on global markets and plays a critical role in determining energy prices worldwide.

AAA spokesperson Nick Chabarria said the geopolitical uncertainty could lead to a short-term spike in prices.

"Any time there's a disruption, you know, with, again, potential geopolitical conflicts like we're seeing, that's going to cause prices to come up," Chabarria said.

University of Missouri Professor Zack Miller said the uncertainty will possibly drive gas prices up, but he said it might not be the only thing going up.

"Everything we buy is being shipped here, and so the oil price is going to be correlated with all of those things. So oil price goes up means in a general sense, everything becomes more expensive," Miller said.

Israel struck Iran's nuclear program and other targets early Friday. By the end of the day, Iran had retaliated with a massive missile strike on Israeli cities. The conflict has sparked fears of a regional conflict in the Middle East, which provides much of the world's crude.

Uncertainty is driving the question over how high gas and oil prices could climb; however, analysts warn that if Iran escalates the situation, prices could spike even higher. Residents in Columbia voiced their concerns over the possibility of a price hike here in the U.S.

" I don't really want that, like I feel... I work a minimum wage job, so it's like most of my money is going towards gas, so like if it goes up, then more of my money is going towards that," resident Michaelie  Kaettmann said.

"I feel like it's going to put a lot of people in jeopardy, especially to the cities that will have the higher gas prices, and with everything else being expensive, they're going to make it going to make it harder for a lot of people in the cities," resident Joe Cambridge said.

Miller said the bottom line is that consumers can expect to see gas prices go up, but what we don't know is if they will stay up.