Are motorists set to see a repeat of 2014’s gasoline price reprieve?
The current high gasoline prices resemble those last seen in 2014, could we see a repeat of the price reprieve that later followed? Despite the similarities, the chances of history repeating itself and pump prices dropping are remote. For prices on the forecourt to drop, the cost of crude oil needs to weaken. This seems unlikely given continued oil demand growth and US sanctions on Iranian crude. As such, high pump prices look set to be here to stay in the near term.