Warning that gasoline prices in the US may take a long time to fall

Assessments regarding the future of fuel prices differ within the US government's economic management. In his statement on CNN's "State of the Union" program, Energy Secretary Chris Wright noted that consumers should be cautious in their expectations regarding when prices will drop significantly.

Recently, Treasury Secretary Scott Bessent had shared his expectations that gasoline prices would fall back to the $3 level during the summer months, specifically between June 20 and September 20. Wright, however, approached this optimism with more caution, stating, "Prices have likely peaked and will begin to fall as the war is resolved. However, I don't know when we will see them below $3; it could be the end of this year, or it could spill over into next year."

According to current data across the US, statistics shared by the American Automobile Association recorded the average gasoline price at $4.10 per gallon as of last week. Before the war that began on February 28 and escalated between the US-Israel and Iran, prices were below $3. Since the first day of the war, there has been an approximately 37 percent increase in fuel costs.

THE POLITICAL IMPACT OF HIGH FUEL PRICES

Rising fuel costs are causing serious repercussions in the US political arena ahead of the upcoming elections. According to a recent Quinnipiac University study, 65 percent of voters hold President Donald Trump responsible for the increase in gasoline prices. Furthermore, 57 percent of those surveyed do not approve of the current economic administration's performance.

Coupled with the impact of high inflation, the Republican Party's efforts to maintain control in both the House of Representatives and the Senate are becoming increasingly difficult. Experts point out that if the state of war continues, the pressure on citizens' wallets could have a growing impact on politics.

Eyes are turned toward the resolution of the war in the Middle East in the medium term to ensure price stability. According to energy analysts, it remains uncertain when the unrest in the fuel market will end.

News Source: 12punto