Most in new poll expect gas prices to keep rising

Nearly 6 in 10 adults in the U.S. expect gas prices to worsen over the next year, as the ongoing Iran war continues to roil energy markets, according to a new poll.

The survey, released Monday by Reuters/Ipsos, found that 59 percent of 4,531 respondents said that gas prices will go up in the next 12 months. Meanwhile, 17 percent of respondents said that they will improve, 13 percent said they will stay the same and 11 percent either skipped the question or were unsure.

More than 8 in 10 Democrats and more than 6 in 10 independents believe gas prices will continue to increase over the next year. Just more than one-third of Republicans said the same while a plurality of that group, 39 percent, said the opposite.

The latest survey was conducted from June 3 to 8 and has a margin of error of 2 percentage points.

Negotiations to end the conflict in the Middle East, which recently passed the 100-day mark, are ongoing and on rocky footing, after Iran and Israel traded fire over the weekend.

President Trump told reporters early Tuesday morning that negotiations with the Islamic Republic are “going well” and he “could have at least an idea by one or two days from now” on whether the two sides will come to an agreement. Throughout the conflict, the president has expressed optimism about the state of negotiations.

While the Strait of Hormuz remains mostly closed amid the war, domestic fuel prices have seen some reprieve over the last month. As of Tuesday, the average per-gallon price of regular gas is more than $4.16, nearly 37 cents lower than a month ago, according to the American Automobile Association (AAA)..

AAA also reported that a gallon of diesel fuel costs nearly $5.32 as of Tuesday. A month ago, it cost $5.65.

Gas prices remain well above their benchmark in the days before the war. AAA reported on Feb. 26, two days before the U.S. and Israel launched strikes on Iran, that the national average for a gallon of regular gas was under $2.99.

Patrick De Haan, the head of petroleum analysis at GasBuddy, said Monday that the recent decline in fuel prices is due to lower oil costs and “improving refinery runs.” However, he noted that with the Strait of Hormuz still “effectively closed,” any “further deterioration” in the Middle East “could send prices sharply higher.”

Over the last 24 hours, 10 ships have transited the key waterway, down significantly from the typical daily average of 60 vessels, according to hormuzstraitmonitor.com.

“For now, motorists may enjoy the savings at the pump, but the risk of a significant reversal has not gone away,” De Haan added.

Most in new poll expect gas prices to keep rising

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