Donald Trump, a couple of weeks ago, as he floated yet another ceasefire with Iran, promised that when the war that he launched is over, gas prices will drop “like a rock.”
It’s looking like a forever war now, with the number of announced ceasefires nearing 50 now, and in the meantime, gas prices are doing the exact opposite of dropping like a rock.
As of Monday morning, the national average is $3.95 a gallon, according to GasBuddy, up 13 cents a gallon in the past week, and more than a dollar a gallon higher than the already uncomfortably high $2.91 a gallon rate we were paying when Trump launched the war in February.
Diesel is still over five bucks a gallon – at $5.08 a gallon on Monday; diesel was at $3.75 a gallon when Trump started dropping bombs on Iran.
Patrick de Haan, the head of petroleum analysis at GasBuddy, sees the average price at the pump passing the $4 a gallon mark again “within the next 48 hours.”
“While the ongoing U.S.-Iran situation continues to weigh on markets, the story is increasingly less about crude oil and more about global refining capacity — the Strait of Hormuz remains closed while continued Ukrainian attacks on Russian refineries further squeeze an already strained supply picture. With WTI crude approaching $85 per barrel in Sunday night trading, price-cycling markets are likely to see another jolt higher in the coming days, and motorists should brace for a rougher stretch ahead,” de Haan said.
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Chris Graham
