""When inventories are low and you can't get oil out of the ground or out of the strait, you should expect prices to keep rising at least until demand capitulates and starts to contract.""
""It could take months for ships trapped in the Strait of Hormuz to get through, damaged facilities to be repaired, and inventories to be replenished before gas prices return to what is considered normal.""
""If gas prices were to fall fast and quickly, the reason would probably be a bad one, not a good one. It would probably be recession, undercutting demand, knocking the knees out from under the market.""
Gas prices in the U.S. have increased significantly, averaging $4.446 per gallon, up from $4.099 a week ago. This rise is attributed to the ongoing Iran war and the closure of the Strait of Hormuz, a vital oil trade route. Experts suggest that prices may continue to rise until demand decreases. Even after the war ends, it may take months for prices to stabilize due to low inventories and damaged facilities. A potential drop in prices could indicate a recession rather than a recovery in the market.
Read at www.npr.org
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