Even part of the Trump administration is predicting that U.S. gasoline prices will remain high for the rest of the year.
The U.S. Energy Information Administration, an arm of the Department of Energy, on Tuesday forecast that gasoline prices will hit an average monthly high of about $4.30 per gallon in April. Then it predicts the average price will sit above $3.70 per gallon for the year. And that’s if the conflict in Iran concludes by the end of the month.
Tristan Abbey, the EIA’s administrator and a Trump appointee, acknowledged in a press release that the agency is struggling to model how oil and gas markets will respond to the Strait of Hormuz closure.