US gas prices higher than normal and won’t fall to pre-Iran-war levels until end of fall: experts
US gas prices higher than normal and won't fall to pre-Iran-war levels until end of fall: experts
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Supreme Court rules Trump can turn back asylum seekers at US border in major immigration win US NewsUS gas prices higher than normal and won’t fall to pre-Iran-war levels until end of fall: experts
By Ronny Reyes Published June 24, 2026, 3:21 p.m. ETSee more of our coverage in your search results.
Add The New York Post on GoogleGas prices are nearly 30 to 50 cents higher than what they would be under normal circumstances and drivers will have to wait until at least late fall for pre-Iran war levels — despite plummeting oil prices, experts warn.
The bleak outlook at the pumps comes as President Trump has called on the Justice Department to investigate large oil companies over the high cost of gas.
While Brent crude oil prices slipped to just over $73 a barrel on Wednesday morning, gasoline prices remain at around $3.90 a gallon on average nationally, according to the latest data from the American Automobile Association.
While that is a significant drop from the war-time high of $4.56 a gallon, under normal circumstances, gas prices would be around $3.45 to $3.65 per gallon, Patrick De Haan, head of petroleum analysis at the GasBuddy firm told The Post.
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Even that ideal price range is notably up from what they were the same time last year, when gas averaged around $3.22 per gallon, showing just how volatile the market remains.
“Oil prices and gas prices are not a one-to-one relationship,” De Hann said. “We’ll likely have to wait until late fall, early winter to see prices fall to pre-war levels.”
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Part of what’s driving the high prices stems from the fact that the oil needs to be refined to become gasoline, and just because the output of oil has increased does not mean there are suddenly going to be more refineries to process the crude.
“You can’t build refinement capacity overnight,” De Hann said.
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Scott Martin, a partner at Kingsview Wealth Management, echoed that refinement, transportation, distribution, taxes, and existing inventories all play a role in what consumers ultimately pay at the pump.
“Gas stations are often selling fuel that was purchased or refined weeks earlier at higher prices, which creates a natural lag between movements in crude oil and changes at the pump,” Martin said.
“In most cases, it can take several weeks before lower crude prices are fully reflected in retail gasoline prices,” he added.
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Another factor keeping prices higher than normal is likely suppliers trying to make up for the losses they endured in March and April when the supply chain disruption was at its worst due to the war, De Hann added.
With tensions easing amid the US-Iranian negotiations, gas prices are predicted to fall to $3.50 per gallon by the end of summer, with the seasonal shift expected to help bring prices down to below $3, what they were before the war.
The dip, however, could take longer and stretch into 2027 depending on how the peace talks go as Iran has threatened to close the Strait of Hormuz before during the negotiations.
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Trump, on Wednesday, accused oil companies of price gouging.
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” Trump declared on Truth Social. “Those prices are dropping like a rock! In other words, customers are being ‘gouged.’”
“I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I’m seeing!” the president warned.
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Badenoch blasts 'moaning' female Labour MPs over Burnham jobs 'quota'
Kemi Badenoch has told Labour women to earn a job in Andy Burnham's Cabinet instead of demanding they are handed jobs because of their gender.
The Tory leader lashed out today amid reports that female MPs are demanding the de-facto new prime minister introduce a 50:50 gender split 'quota' in his government.
Amid reports that former foreign secretary David Miliband is being lined up to return to the role, possibly with his brother Ed as Chancellor, one female minister also complained that Burnham could not have 'more Milibands than women' in the top posts.
But in a scathing article in the Times today Mrs Badenoch told them to 'stop moaning' and get chosen on merit instead of retreating into 'more of the failed identity politics that is holding back our country'.
'There are many, many reasons why you shouldn't have any Milibands in the cabinet,' she said.
'But complaining that the boys haven't given them the right jobs or that the boys are taking all the jobs, just shows that Labour's women still don't get it.'
The idea of quotas was also attacked by Baroness Jacqui Smith, Labour's Skills Minister.
Asked by Times Radio if Mr Burnham should reserve jobs for women, she said: 'No, I think what Andy Burnham should be doing is building the very best team around him to change this country.'
A letter written by the Women's Parliamentary Labour Party has called on Mr Burnham to ensure a 50:50 split between men and women in government jobs
Amid reports that former foreign secretary David Miliband (above, right, in 2010) is being lined up to return to the role, possibly with his brother Ed as Chancellor, one female minister complained that Burnham could not have 'more Milibands than women' in the top posts
But Mrs Badenoch told them to pipe down and get chosen on merit instead of retreating into 'more of the failed identity politics that is holding back our country'
A letter written by the Women's Parliamentary Labour Party and seen by the BBC has called on Mr Burnham to ensure a 50:50 split between men and women in government jobs after he succeeds Sir Keir Starmer.
'We are asking you to demonstrate this change from day one and address the toxicity and misogyny within our own party and government,' it said.
Labour has never had a female leader, while the Conservatives have had three, and Mrs Badenoch urged the government to follow its meritocratic example.
'If you run a meritocracy, then you do not have to worry about jobs for the boys,' she wrote.
'Every woman who is a Conservative MP, every woman who has ever won the leadership, has had to fight to get where she is.
'By contrast, Labour women are demanding guarantees from Burnham. But the truth is he doesn't have to give any guarantees.
'If none of Labour's women are prepared to get their hands dirty and challenge him for the leadership, their demands are toothless.'
'In fact, it's quite revealing that the women's parliamentary Labour Party has written to Burnham asking him to commit himself to at least 50 per cent female ministers.
'This has nothing to do with meritocracy. It is yet more of the failed identity politics that is holding back our country.'
