Drilling into the value of flash loans, it appears there is very little correlation between Ethereum Gas Prices and flash loan value, as shown on the graph below.

On the graph below, the bars show the average daily Ethereum network gas price in Gwei, and the line is the count of flash loans on the Compound network. There is a loose correlation, with spikes in gas on the 19th and 23rd of May also showing increased flash loan activity. At other times however, there appears to be no real correlation between gas prices and flash loan action