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Gasoline prices across the U.S. fell for 50 consecutive days as of 3 August, settling the national average price of a gallon of regular gas at $4.16, according to data service OPIS. The price dropped to $4.05 on 8 August.
As of that date, the average price had sunk 17 percent from the peak average of $5.02 recorded on 14 June.
TREND FORECAST: Will Middle East tensions increase following Israel’s attack on Gaza last week? Will current talks revive the 2015 Iran nuclear accord? Will the Ukraine War intensify and Russian oil flows be cut off to Europe? How deep will nations fall into recession and depression? As inflation goes up and people get poorer will they drive less?
While the downside of oil prices are now being felt in the markets, considering the geopolitical and inflationary risks, we forecast that oil prices will not sharply decline and there is still strong upside potential.