“Certainly, some nice relief.”
Gas Buddy dot com petroleum analyst Patrick Dehaan says gas prices are still significantly higher than before the U-S/ Israeli war with Iran, but down from recent highs above five dollars a gallon.
“It’s fallen below the four-dollar mark for the first time since mid- April. It’s quite an improvement over where we were a month ago and there may be more drops coming for gasoline and diesel prices in the next week or two.”
In interviews posted online, DeHaan says oil prices are falling after a memorandum of understanding was reached to end the Iran war and let tanker ships safely sail through the Straits of Hormuz. But he says a return to prewar gas prices will take time.
“Prewar prices probably won’t happen until oil inventories get to prewar levels. Could take several years. You can’t make up for 107 days of lost oil shipments overnight. This is going to be a multi-year recovery.”
