If the U.S. attacks Syria how high might gas prices go?
It’s the question we’d like to avoid but warrants consideration once again, after President Barack Obama said Monday that he’s prepared to attack Syria, with or without a U.N. mandate.
If Syrian President Bashar al-Assad reneges on the U.S. –Russian deal to put Syria’s chemical weapons under international control, an attack could occur.When nearly 20,000 consumers were asked by GasBuddy how high they think local prices could go, 30 percent of respondents said they think a hike would push prices up between 16 and 30 cents per gallon and 22 percent said they thought prices would spike by 51 cents or more.
Here are the results:
1-15 cents per gallon 18%
16-30 cents per gallon 30%
31-50 cents per gallon 22%
51 cents per gallon or more 17%
No impact on fuel prices 11%
When asked to identify the time frame in which they believe a U.S. military action would be over, they responded as follows:
1 to 30 days 12%
31 to 60 days 8%
61 to 90 days 5%
91 days or more 31%
No military action will occur 41%
“We’re hopeful that the 41 percent who believe no military action will occur are proven correct and that a political resolution will be found to avoid war in Syria,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “If there is a military response and a resulting fuel price spike, then we may soon be asking whether the President should tap the SPR to relieve prices. Hopefully, that won’t be necessary.”