Following President Donald Trump’s military strikes against Iran’s nuclear facilities and his announcement of a ceasefire between Iran and Israel, gas prices have dropped to a four-year low.
As of Friday, the national average price for a gallon of gasoline was $3.20, according to Fox Business. The outlet noted that oil prices remain at the same level they were at prior to a temporary spike in prices amid concerns that conflict between Iran and Israel could disrupt the supply of oil in the Middle East.
According to CNBC, Patrick De Haan, the head of GasBuddy’s petroleum analysis, recently suggested that Americans could see the lowest gas prices in years over the upcoming summer months. De Haan also indicated that the national average price of gas could drop under $3 per gallon by September.
“It’s going to be the cheapest summer since 2021, when the economy was heavily influenced by Covid,” De Haan told the outlet.
According to Fox Business, oil temporarily spiked to $78 per barrel following Trump’s military strikes on Iran’s nuclear facilities in June; however, the outlet noted that the temporary spike in oil prices quickly dropped just two days after the U.S. military strikes.
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Addressing the temporary spike in oil prices, De Haan said, “Obviously the Middle East situation is an exception, but now that this is, seemingly for now, in de-escalation, gas prices should resume their slow decline over the course of the summer.”
De Haan explained that gas prices are close to the lowest level observed over the last two decades when prices are adjusted for inflation. De Haan added, “Americans are actually spending far less of their income on energy than they have in quite some time.”
According to Fox Business, Lipow Oil Associates President Andy Lipow explained oil prices are expected to remain at their current level due to an abundant supply of oil and increased production from OPEC+. Lipow suggested that gas prices could drop between three and five cents over the week ahead of the July 4 holiday weekend.
Phil Flynn, an energy market analyst, told Fox News that the reduction of geopolitical concerns following the destruction of Iran’s nuclear program has “shown up in the gas prices.” The energy market analyst also highlighted the Trump administration’s favorable energy regulations, saying, “This is going to be a big win for consumers as inflation continues to come down.”
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Author: Timothy Frudd
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