Patrick de Haan, the head of Gasbuddy’s head of petroleelerry analysis, says that an increase in gas prices of a potential Iranian closure of the street of Hormuz “would not last long.”
The American drivers are expected to publish the smallest share of their disposable income on gasoline this year than in the past two decades, according to new data from the Energy Information Administration (EIA).
The EIA expected that less than 2% of the personal disposable income of people will be spent on gasoline in 2025, an average of 2.4% during the previous decade and the lowest share since 2005, excluding 2020. To reach this percentage, the EIA said it compared gasoline to an annual growth of the annual 2024 annual growth.
This year, the EIA predicts a significant decrease in oil and gasoline prices, consistent with its earlier predictions, in its September short-term Energy Outlook (Steo).
Gas buddy expert says that claims will see gas prices that ‘huge peak’ ‘is incorrect at the highest level’
“The good news for consumers is that we generally see lower prices at the pump, and we expect the gasoline prices to remain lower next year,” said EIA -an -aging manager Steve Nalley in a statement.
The EIA expected that the average selling price for regular gasoline is expected to be around $ 3.10 per gallon this year and $ 2.90 per gallon in 2026. Both estimates have fallen compared to $ 3.30 per gallong average in 2024.
The average price for a Gallon regular gasoline on Thursday is $ 3.19, according to AAA.
Petrol prices on a Chevron station in Houston, Texas, on August 12, 2025. (Ronaldo Schemidt / AFP via Getty Images / Getty images)
How Iran would close the Strait of Hormuz would affect us, the world
A contributing factor is that the oil prices, which are good for more than half of what consumers pay at the pump, is expected to fall in the short term, according to the Steo prediction of the EIA, which shows that the prices of crude oil from Brent in August in August in August will fall in August to an average of $ 59 in the fourth quarter of 2025.
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A petrol pump on a Sunoco station in Washington, DC (Al Drago / Bloomberg via Getty Images / Getty images)
The decrease in oil prices is powered by the rise in the offer expected this year by OPEC+ members. They are planned to further increase the output, while the offer from outside is also growing, said the International Energy Agency Thursday. As a result, the supply could rise by 2.7 million barrels per day (BPD) in 2025, compared to 2.5 million BPD earlier. According to the IEA, it can also increase 2.1 million BPD.
Reuters has contributed to this report.
