TOPEKA (KSNT) – Recent attacks with Iran have many worried about oil and gas prices.
You may have already noticed an increase at the pump. According to GasBuddy, the average gasoline prices in Topeka have risen 23.1 cents per gallon in the last week.
K-State Economist Greg Ibendahl says he does not see the prices staying, whereas some farmers may be concerned.
“There could be a little bit of a hit, too, because I have a model predicting fertilizer prices, and it’s kind of tied to what the oil price is,” Ibendahl said. “So any increase in oil price has a potential to make nitrogen fertilizers more expensive for farmers. But, you know, I don’t really see a big a big downside anything so far. I mean, there’s certainly some risk of higher prices, but I don’t think you really have to worry about, you know, running out of oil here in the U.S. “
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Ibendahl advises to not panic buy and to just wait for prices to come back down.
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