{"id":386255,"date":"2026-04-11T05:42:10","date_gmt":"2026-04-11T05:42:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/386255\/"},"modified":"2026-04-11T05:42:10","modified_gmt":"2026-04-11T05:42:10","slug":"will-take-years-and-years-to-rebuild","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/386255\/","title":{"rendered":"‘Will take years and years to rebuild’"},"content":{"rendered":"

Gas prices are unlikely to come down meaningfully regardless of whether a ceasefire holds in Iran, a cadre of economists and economic experts told USA Today<\/a>.<\/p>\n

Global energy markets were thrown into chaos after the United States and Israel launched surprise airstrikes against Iran on Feb. 28. The Strait of Hormuz, a waterway<\/a> critical to the worldwide fossil fuel market, was closed March 2.<\/p>\n

What followed, according to the Brookings Institution<\/a>, was an energy shock and a supply chain “shortfall larger than those in the 1973 and 1979 oil crises combined.”<\/p>\n

“The full brunt of the shock isn’t yet being felt in the United States, despite U.S. gasoline prices reaching $4 per gallon for the first time since 2022,” Brookings’ April 1 analysis noted.<\/p>\n

Worryingly, experts from the energy sector and economic analysts shared similar predictions when speaking to USA Today.<\/p>\n

As the outlet noted, a seemingly scant 8% of America’s oil supply travels through the Strait of Hormuz \u2014 yet gas prices<\/a> rose significantly.<\/p>\n

On April 8, NBC News<\/a> reported that the price of a gallon of gas leaped by $1.17 on average, a 39.3% increase<\/a> from before the war. The spike was more pronounced in countries such as Cambodia, where gas prices shot up nearly 68% because of the conflict, per Al Jazeera<\/a>.<\/p>\n

As Vice President JD Vance traveled to Pakistan for peace talks<\/a> this week, analysts maintained that gas prices<\/a> were unlikely to stabilize for years, domestically or internationally.<\/p>\n

Prestige Economics President Jason Schenker acknowledged that even a swift and total resolution in Iran was unlikely to bring back the per-gallon prices seen in February.<\/p>\n

“If the conflict stops and it has a kind of meaningful end to it, I would expect oil prices to fall relatively quickly. I do not think they’re going to go all the way down to where they were,” he told USA Today.<\/p>\n

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Moody’s chief economist Mark Zandi explained that “oil literally flows to the highest price” globally.<\/p>\n

“If a tanker can get a higher price in Malaysia than it can in Rotterdam than it can in Rio de Janeiro, it’s going to go to Malaysia,” Zandi said<\/a>.\u00a0<\/p>\n

California Forward CEO Kate Gordon pointed to damaged infrastructure in the Persian Gulf as a predictor of long-term increases in commodity prices.<\/p>\n

Oil facilities “will take years and years to rebuild,” Gordon told USA Today, which noted gas prices were likely to remain elevated during that time.<\/p>\n

Get TCD’s free newsletters<\/a> for easy tips, smart advice, and a chance to earn $5,000 toward home upgrades. To see more stories like this one, change your Google preferences here<\/a>.<\/p>\n

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