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According to a report by The Wall Street Journal, despite the ongoing turmoil in the Middle East, gas prices in the United States this summer are actually lower than last year, providing relief for drivers and family budgets. Experts predict that as long as crude oil supplies remain ample, prices are unlikely to surge even with a resurgence of conflicts.

Data from the U.S. Energy Information Administration (EIA) indicates that the average gasoline price nationwide is currently $3.21 per gallon, down 23 cents from the same time last year. This decline is primarily driven by abundant supply, as oil prices remain below pre-conflict levels, even amidst escalating geopolitical tensions between Israel and Iran.

The international benchmark Brent crude oil saw a significant drop of $5.53 per barrel following Iran's retaliatory strike against a U.S. military base in Qatar, marking the largest single-day drop since 2022. This indicates that market expectations suggest this round of military actions will not affect oil tankers and energy facilities. This week, Brent oil prices have fallen to $67.14 per barrel, suggesting that despite sporadic conflicts, the ceasefire agreement, facilitated by U.S. mediation, has had a stabilizing effect.

Analysts expect that oil prices will remain stable in the coming weeks unless there is a drastic escalation in the Middle East situation. GasBuddy's head of petroleum analysis, Patrick De Haan, stated that if conflicts do not escalate, gas prices are anticipated to stay within the range of $3 to $3.20 per gallon, and even if situations deteriorate, prices are only expected to rise by about 15 cents. He remarked, "Currently, there are no clear signs that oil prices will experience significant fluctuations this summer."

The Organization of the Petroleum Exporting Countries (OPEC) has continued to increase production, coupled with U.S. domestic production nearing historical highs, which will continue to suppress upward pressure on prices. Analysts anticipate that oil prices will further decline in the second half of this year, reflecting the fact that production capacity growth has surpassed demand.

The decline in gas prices has boosted consumer sentiment, leading to an increase in travel enthusiasm. A survey by the National Association of Convenience Stores indicates that over two-thirds of drivers are willing to spend an extra 5 minutes driving to save 5 cents per gallon on gas. Statistics from the American Automobile Association (AAA) show that cities such as Fort Wayne in Indiana, Tucson in Arizona, and Marquette in Michigan have experienced significant annual reductions in gas prices. In Chicago, gas prices are even 52 cents cheaper compared to the same time last year.

American enthusiasm for road trips has also rebounded. Data from the Federal Highway Administration shows that in April 2024, the total miles driven across the U.S. reached 277.3 billion, marking the first time since the pandemic that mileage has exceeded pre-pandemic levels. A Deloitte survey further indicated that the percentage of Americans choosing to drive for vacations increased by 7 percentage points from March to April, while the percentage opting for domestic air travel decreased by 3 percentage points.

Although overall driving distances are rebounding, the government expects that gasoline demand this summer will still fall slightly below last year’s levels, primarily due to improved fuel efficiency in vehicles. Despite ongoing inflationary pressures, lower gas prices have helped the U.S. economy maintain resilience. The stability of energy prices this year has provided crucial support in cooling inflation and sustaining consumer spending, becoming a key factor for families' financial relief.