MACON, Ga. — The start of the Russia and Ukraine War also marked a change in gas prices closer to home. The Israel-Hamas conflict is another situation that could impact crude oil and gas costs.
"40% of the world's oil comes from the Middle East and Venezuela," says Greg George, Middle Georgia State University Economist.
George says a lot of that oil comes from Saudi Arabia and Iraq.
"If you have the Israeli-Palestine conflict spilling over in the Middle East, that's when it can start impacting expectations, and people are worried that it could impact the flow of oil," says George.
It's too early to tell which countries will get involved or even how this conflict will evolve. Right now, according to AAA, Georgia is seeing a downward trend in gas prices. The current average is $3.06; a week ago $3.14, and a month ago $3.41.
"We haven't really seen that spike at the gas tank yet, but you should prepare yourself for the near future because gas prices may be going up. That's a big part of people's budgets," explained George.
Georgia actually has some of the lowest gas prices in the country. Several weeks ago, Governor Brian Kemp suspended the state's fuel sales tax, citing high inflation.