Gasoline prices have fallen precipitously since the U.S. and Iran began their fragile truce, defying expert predictions of a long summer slog with sky-high prices.
Instead of spiraling upward, the average price at the pump has plummeted 70 cents per gallon in a month from a peak of $4.56. A little over a week since the memorandum of understanding was signed between the countries, a barrel of oil costs just a little more than it did before the U.S. and Israel bombed Iran in late February.
It wasn’t supposed to work this way, according to energy experts whose predictions of $150 barrel of oil, $5 gasoline and summer recessions were widely quoted in the media, including POLITICO.
For now, they’ve been proven wrong for a litany of reasons, including a surprisingly weak Chinese economy and a failure to imagine how handily the president could bully the markets into submission.
