During 2019, Texas drivers have enjoyed some of the lowest gas prices in the country. This trend has continued into 2020; on Jan. 1, Texas residents were paying $2.29 per gallon on average for regular, unleaded gas. Prices have fallen since then. With the tensions between U.S. & Iran relations flaring over the past couple of weeks, the future of gas prices remains questionable for American citizens.
Between nuclear deal negotiations, sanctions and other diplomatic events, the U.S. and Iran have been in continuous back and forth efforts for the past few years. Although these diplomatic relations were newsworthy from time to time, it had little impact on the lives on American citizens on a day to day basis. But on New Year’s Day, the conflict between the U.S. and Iran escalated significantly after the U.S. killed top Iranian general Qasem Soleimani. This event sent markets, especially in the Middle East, to a frenzy.
U.S. and Middle East relations before this have affected gas prices for Americans. For example, after the killing of journalist Jamal Khasshogi in 2018, gas prices were reduced significantly for U.S. drivers. With this conflict having the potential for war, there are several possible implications for gas drivers in Texas.