The ongoing Israel-Hamas war in the Middle East has caused a significant increase in international tensions. The war has led to a spike in the price of oil across the globe and, in its wake, caused a corresponding surge in gas prices across the United States as well.
However, the news isn’t all bad. According to a recent analysis, the impact of the war in the Middle East on U.S. gasoline prices is likely to be temporary and should dissipate soon.
The analysis was conducted by GasBuddy, an online resource for drivers that monitors fuel prices at more than 150,000 gas stations in the United States. The company’s chief oil analyst, Patrick DeHaan, noted that high demand for gasoline in the U.S. has been slowly decreasing since it reached a peak in early April. As a result, the increase in gas prices caused by the Israel-Hamas conflict is not likely to have a sustained impact on the prices of gasoline in the U.S.
DeHaan noted that lower demand for gasoline doesn’t necessarily translate into lower gasoline prices. He said that, even if demand were to remain low, prices of gasoline at the pump could increase if oil suppliers raise prices in the global market to offset the cost of the war in the Middle East.
However, he still believes that U.S. gasoline prices are likely to continue their decline in the near future. He noted that gas prices have already begun to drop in a number of major metropolitan areas since the start of the conflict, and he expects the trend to continue as the war winds down.
So if you’re a driver in the United States, don’t worry too much about the effects of the Israel-Hamas conflict on your wallet at the gas pump. While prices may remain high for some time, analysts say they’re likely to begin their downward trend soon.