. The current unrest in Israel and Gaza is unlikely to disrupt the global supply of oil, and isn’t expected to cause any significant changes in gas prices in the near future. However, any unexpected escalation in tensions could cause gas prices to spike. Additionally, periods of prolonged uncertainty can cause a rise in oil stockpiles, leading to a decline in crude prices and a corresponding drop in gas prices.
The worldwide pandemic also continues to put downward pressure on gas prices. Global demand for fuel has decreased sharply as the global economy has contracted, resulting in decreased demand and lower prices at the pump. The weakened economy has also brought OPEC production cuts, helping to maintain lower oil prices and keeping gas prices at reasonable levels. This environment is expected to continue in the short term, maintaining a favorable environment for consumers.
