Hochstein predicts that gasoline prices in May reached a historic high of over $5 a gallon will soon continue to fall towards $4. Today the price is $4.55 per gallon.

 
In an interview with CBS today, Hochstein, who also mediates between Israel and Lebanon on maritime borders, said: "Based on what we heard during the visit, it is quite certain that we will see a few more steps (by OPEC countries) in the coming weeks." 

On August 3 OPEC will meet to discuss production quotas and according to the U.S. envoy "there is another excess capacity for the flow of oil to the market."
 
Hochstein noted that when President Biden announced his visit to Saudi Arabia, the price of oil was $120 a barrel while today the price is $101 and he expects the decline to continue. It should be noted that at least openly the Saudis did not undertake during Biden's visit to inject more oil into the market.