Iran War Drives Oil Price Fears Amid Rising Gas Costs

The ongoing Iran war has caused significant financial strain on American taxpayers, with a new U.S. military estimate putting the cost at $43.6 billion as of September 3. This escalating conflict is also affecting gas prices in Minnesota, where regular gas has risen to $4.47 per gallon.

Kimberly Holifield, an event planner who drives over 100 miles a day, expressed her concerns about the rising costs and potential supply crisis: 'I don't have an electric car, that I might not be able to move around as freely as I would like to. That is scary.'

The war in Iran has disrupted approximately 44% of U.S. oil supplies, leading to a surge in API Group III base oil prices from $4 to $12 per gallon. Holly Alfano, CEO of the Independent Lubricant Manufacturers Association, warned that 'basically brace for sticker shock' due to the ongoing supply crisis.

Large retailers like Costco are already capping purchases and increasing prices for motor oil. Patrick De Haan, a petroleum analyst with Gas Buddy, advised drivers not to panic yet, as companies are taking measures to prevent supply chain problems.