Drivers spending less of their income on gas than in 20 years
Patrick de Han, head of petroleum analysis in Gaspode, says that the high gas prices from a possible Iranian closure to the Strait of Hormuz “will not last long.”
American drivers are expected to spend the smallest share of their available gasoline income this year compared to the past two decades, according to new data from Energy Information Administration (EIA).
The environmental impact evaluation expected to spend less than 2 % of personal available personal income on gasoline in 2025, a decrease from 2.4 % during the previous decade and the lowest share since 2005, with the exception of 2020. 2024.
It expects an environmental impact to evaluate a significant decrease in oil and gasoline prices this year, in line with its previous expectations, in short -term energy expectations in September (STEO).
Gasbuddy says that the claims will witness an “massive height” at the highest level.
“The good news for consumers is that we generally see lower prices in the pump, and we expect gasoline prices to go to a decrease during the next year,” said Steve Nalle, director of Al -Bireh Financial Company in a statement.
The environmental impact evaluation expected that the average regular degree gasoline retail price is expected to sit at about $ 3.10 per gallon this year and $ 2.90 per gallon in 2026. Both estimates decreased from an average of $ 3.30 per gallon in 2024.
Russia claims that the American strikes on Iran have opened the “Pandora Fund” and may lead to a global nuclear catastrophe “
The average price of regular gasoline gallon on Thursday is $ 3.19, according to AAA.
Gasoline prices at Chevron Station in Houston, Texas, on August 12, 2025. (Ronaldo Schemidt / AFP via Getty Images / Getty Images)
How will Iran affect the Strait of Hormuz on us, the world
One of the contributing factors is that oil prices, which represent more than half of what consumers pay in the pump, is expected to decrease in the short term, according to Steo’s expectations for an environmental impact, which indicates that Brent crude oil prices drop from 68 barrels in August on average in Barel on average average in the bars in the fourth quarter.
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Gas pump at Sunoco Station in Washington, DC (Al Drao / Bloomberg via Getty Images / Getty Images)
The drop in oil prices is relieved in the offer that OPEC+ members expect this year. The International Energy Agency said on Thursday that it is scheduled to increase production more while supply grows from abroad as well. As a result, the width may increase by 2.7 million barrels per day (BPD) in 2025, up from 2.5 million barrels per day. It can also rise 2.1 million barrels next day, according to IEA.
Reuters contributed to this report.
2025-09-11 18:47:00
