Economist Mohamed El-Erian has warned that the national average price of gas in the U.S. will hit $4/gallon by the end of July amid escalations between the U.S. and Iran, as well as uncertainty over the Strait of Hormuz.
Oil Moving Higher Will Cause Gas, Diesel Spike
Taking to the social media platform X on Tuesday, the economist said that he had been asked about gas prices in the U.S. if oil rises in the global markets. “We’ll see regular retail gasoline rise back above $4.00 a gallon, and diesel above $5.00, both before the end of this month,” if prices remain high.
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