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Political scientist George Friedman has postulated that if high prices for oil and food persist, they will define the fourth distinct geopolitical regime since the end of World War II, the previous three being the Cold War, the 1989–2001 period in which economic globalization was primary, and the post-9/11 "war on terror".
"Gas prices will likely keep dropping until the end of the year," Gross said. "The one caveat would be if the new war expands to include oil-producing nations in the region."
Natural gas prices in Europe reached their highest point in September 2022 at a multiple of roughly 25 compared to two years prior. While gas prices are currently falling quickly on the spot market, the cost to distribute gas in the coming year will still be close to €150 per MWh, or a multiple of about seven. [93] [95] [96]
The national average price for a gallon of gas is going down in the U.S. with Tuesday's national average at just $3.14, according to AAA.
However, that same day, West Texas Intermediate crude [58] fell 9 percent, [57] ending the day below $100 a barrel, the lowest since March 16, [58] after the most dramatic single-day drop in over two years. Gas prices fell slightly on May 6, and experts predicted $3.50 a gallon by summer. [57] [59] [60]
The national average is nowhere near the unprecedented spike above $5 a gallon in June 2022. ... There are multiple reasons why gas prices have stopped rising for the moment.
The 2000s commodities boom, commodities super cycle [1] or China boom was the rise of many physical commodity prices (such as those of food, oil, metals, chemicals and fuels) during the early 21st century (2000–2014), [2] following the Great Commodities Depression of the 1980s and 1990s.
Why are gas prices so high, and when will gas prices go back down? Oil prices are just one factor, and consumers could face more record prices at the pump.