The national average price of a gallon of gas is $3.22. Analysts say prices may dip slightly as stations receive cheaper fuel
Usually, gas prices spike at the mere mention of a conflict in the Middle East. However, that is not the case this time.
Currently, a gallon of gas is averaging at $3.22, which is up $0.04 from last month but 23 cents cheaper than last year, according to AAA.
Brent crude fell 7% to $70.65 a barrel this week, down from a high of $80 when the US attacked Iranian nuclear sites recently.
Gasoline futures mirrored the decline and dropped 10% in two days to $2.09 a gallon, matching levels before the Israel-Iran conflict began on June 10.
Experts believe that oil prices may hold steady even amid the turmoil in the Middle East. It is mainly because the US has upped its oil production since the 2010s, creating ample buffer for American consumers in case of any disturbance to supply.
Although any disruptions in the Strait of Hormuz could affect oil prices, they are unlikely to have a major impact on Americans. Only 7% of US oil flows through the contentious strait near Iran.
Analysts studying the situation say gas prices may dip slightly as stations receive cheaper fuel, but summer travel demand will likely keep them elevated.