Illinois residents should be prepared to pay more at the pump due to the war in the Middle East.

The U. S. and Israeli attacks on Iran and Iran’s retaliations are restricting the exportation of oil, causing prices to rise.

Although the U.S. is the largest economy in the world, “we still depend on oil and gas from other countries in the world,” said Oguzhan Batmaz, assistant professor of economics at Lewis University in Romeoville.

The Associated Press reported that energy prices rose sharply on Monday due to disruptions in tanker traffic through the Strait of Hormuz and damage to production facilities in the region. This raises uncertainty about how U.S. and Israeli attacks on Iran will affect the crude oil supply.

Currently, 20% of global crude oil comes from this region, Batmaz said.

“This will affect oil prices significantly because of the uncertainty,” he said.

The uncertainty isn’t limited to the ability to move the oil.

“For example, when we ship products from one location to another, we always insure them,” Batmaz said. “Now, because of that tension, insurance companies don’t want to cover that particular shipment.”

U.S. oil rose 6.3% to $71.23 per barrel on Monday. For every $1 increase per barrel, retail prices increase 2.5 to 3 cents, which consumers experience two to seven days later, Batmaz said.

“This morning, Joliet gas prices were $3.04 to $3.16,” Batmaz said. “Prices could [soon] be $3.25 to $3.40.”

Unfortunately, a decline in availability doesn’t affect a decline in demand.

“Say we get a 20% decline in oil immediately. But we still have to go to school and work,” Batmaz said. “Oil is essential for many of our products. So demand is still stable and not going down.”

Because local refineries supply local gas stations, they will find ways to increase their products, Batmaz said.

“But this will take time,” he said.

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Will County may also temporarily pay more for gas than their neighbors because Citgo has planned maintenance scheduled for March 9.

Practically speaking, if the price of crude oil jumps to $100 a barrel, consumers can expect to pay $5 more to fill up a 20-gallon car, Batmaz said.

“But hopefully this tension will mitigate soon,” he said, “and we will not pay this kind of change in gas prices.”

President Donald Trump on Monday said the U.S. has “the capability to go far longer” than its originally projected four-to-five-week timeline for military operations against Iran, the Associated Press reported.