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Patrick de Haan Warns That Global Conflicts and Seasonal Shifts May Delay Expected Drop in Gasoline Prices

Patrick de Haan, a representative from GasBuddy, indicates that the seasonal decline in gasoline prices typically expected in late summer is at risk of being offset by ongoing global tensions. While demand usually drops as school and vacations end, the Russia-Ukraine war and tensions between the U.S. and Iran are impacting global supply. Ukraine's strategic strikes on Russian oil refineries have disrupted the global supply of refined products, particularly affecting diesel prices. National averages for regular gasoline have reached approximately $4.11 per gallon, nearly a dollar higher than the same time last year. While some regions like Indiana and Kentucky report lower prices, others like California and Hawaii remain among the most expensive. Despite the seasonal shift toward winter-blend gas in September, analysts suggest that major developments in the Russia-Ukraine war or the U.S.-Iran conflict could keep prices closer to $5.00 by the fall. Meanwhile, major oil companies like Chevron have reported massive profits as refineries capitalize on the current market conditions.

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