GasBuddy analyst Patrick De Haan dismissed talks of the average price of gas in the U.S. reaching $7/gallon as tensions escalate in the Middle East amid the U.S.-Israel and Iran war.
National Average Wouldn’t Reach $6-7/Gallon
In a post on X on Saturday, De Haan quoted a post by a user who predicted that the gas prices would reach $7 by the end of next week, urging people to fill up gas in their vehicles with gas before the price hike.
“I definitely don’t see this remotely possible at all,” De Haan said. He also added that he did not see that gas prices reaching $5/gallon during the same period
In the same thread, De Haan responded to a user who asked him about President Donald Trump‘s comments about Iran facing a ticking clock, which has sent oil prices surging across markets. “If something warranted a comment I would comment,” De Haan said.
The comment in question was made via a post on Truth Social by Trump following his refusal of an Iranian peace proposal. “For Iran, the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!” he said.
Iran War, Trump’s China Meet
As tensions escalate, a drone strike triggered a fire near the UAE’s Barakah nuclear power plant. However, no radiation leaks or injuries were reported by authorities. Meanwhile, Saudi Arabian officials said the Kingdom intercepted three drones entering from Iraqi airspace.
On the other hand, Iran has proposed managing the Strait of Hormuz through an insurance-based model, according to reports by the country’s official state media.
Trump had earlier shared that Chinese President Xi Jinping had agreed that the Strait of Hormuz should be reopened, Reuters reported on Saturday, though Xi has not made any comments on Iran following the meeting.
Trump also said that curbing Iran’s nuclear activities would take precedence over addressing the cost-of-living concerns faced by ordinary Americans. “That’s a perfect statement. I’d make it again,” Trump said, reaffirming his comments.
Oil And Gas Prices
Meanwhile, the national average price for a gallon of gas declined slightly to $4.513 on Sunday, according to data collected by the American Automobile Association (AAA). On the diesel front, the current average price hovered around the $5.646/gallon mark. Californians still paid the highest average price, with gas prices over $6.143/gallon.
The West Texas Intermediate (WTI) crude was trading at $107.5/barrel at the time of writing this article, while Brent crude commanded a price of $111.1/barrel at press time. Oil ETF United States Oil Fund (NYSE:USO) that tracks the WTI crude, surged 0.08% to $148.35 during the after-hours trading on Friday.
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