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Gas Prices Slow to Fall Despite Strait Reopening
Description
Gas prices won’t plummet anytime soon—even with the Strait of Hormuz reopening—thanks to lingering global supply chain disruptions. The EIA forecasts only a 7-cent dip between Q2 and Q3, with prices finally falling below $4/gallon in Q4, landing at $3.83. Prices may dip further in early 2027 before rising again, ending 2027 at $3.41—still 25 cents higher than pre-conflict levels. But there’s a silver lining: AAA reports a 44-cent drop since late May, hinting prices could fall faster than projected if the trend continues.
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