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Get used to higher gas prices this year
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Get used to higher gas prices this year

AxiosΒ·Ben GemanΒ·about 1 month ago
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#piano#paywall#globaloilmarket#donaldtrump#prices#even
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Even if the Iran conflict ended now and the Strait of Hormuz fully opened, don't look for a quick return to pre-war gas prices. Why it matters: Costlier fill-ups are the most direct and visible economic effect of the war for many Americans, and could sway midterm election races. Driving the news: Energy Secretary Chris Wright told CNN Sunday that gas might not drop all the way down to the pre-war level β€” averaging just under $3 per gallon in the U.S. β€” until next year. But President Trump appeared to contradict him in comments to The Hill on Monday, seeing a faster drop. The big picture: Researchers and the analysts we've talked to see slower price drops β€” pretty close to Wright's prediction. And the Iran war β€” and threats to oil supplies β€” remain so unpredictable that the country could even face more spikes. What they're saying: The research and consulting firm S&P Global has modeled three near-term price outlooks, given the "extreme uncertainty" associated with the conflict.…

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