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Gas Prices Won't Drop Fast After Strait Reopens
Description
Gas prices won’t plummet anytime soon, even as the Strait of Hormuz is set to reopen—thanks to lingering supply chain effects. The U.S. Energy Information Administration predicts prices won’t fall below pre-war levels until late 2024, and even then, they’ll still hover about 25 cents higher than this year’s starting point. A slow decline is expected, with prices dropping just 7 cents between Q2 and Q3, and hitting $3.83 by Q4. Next year, prices may dip slightly early in 2027 before rising again—ending at $3.41, still 25 cents above where we began. Meanwhile, AAA reports prices have already fallen 44 cents since late May, offering a glimmer of hope that real-time trends could outpace forecasts.
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