American motorists are in for at least some short-term pain at the fuel pump as oil and gas markets react to global conflict.
, American motorists will be paying more for gasoline, but how much more is as uncertain as the outcome of the conflict now underway in Europe.
A renewed U.S. nuclear deal with Iran"could soften the blow" to gas prices, he added of the negotiations that could lead to an influx of Iranian oil into global markets. A sizable producer of oil and gas, Iran's exports of both are now curtailed by sanctions. There is no need for drivers to panic, as people"are not going to wake up tomorrow and not be able to afford gas," stressed Gross."There's plenty of gasoline, there's plenty of oil. If this war is resolved quickly, you will see prices come back down."
President Biden has acknowledged that the conflict might drive gasoline prices higher, and U.S. businesses have been cautioned to be ready for potential cyberattacks that could further complicate the nation's already stressed supply chains.
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