Will the Iran ceasefire quickly ease U.S. gas prices? Here's what experts think.
CBS News • • nation
Key Points:
- An eleventh-hour truce between the U.S. and Iran has eased tensions, but Americans may not see immediate relief from high gasoline prices, which have reached their highest levels in years.
- Gasoline prices could start to decline slightly this weekend, potentially falling below $4 per gallon within a few weeks if the ceasefire holds and the situation does not worsen.
- The national average for regular gasoline hit $4.16 per gallon, up significantly from $2.98 before the U.S. and Israel's attack on Iran, with some states seeing prices above $5 per gallon and diesel averaging $5.67.
- Any reversal or escalation of the ceasefire could quickly push prices back up, as the stability of oil shipments through the strategic Strait of Hormuz remains uncertain amid conflicting reports.
- Economists predict that if oil prices stabilize around $90 per barrel, gas prices could retreat to about $3.75 per gallon soon and further drop to $3.50 by year-end, though prices below $3 per gallon are unlikely in the near future.
