Drivers are starting to see relief at the pumps after months of higher fuel costs tied to the Iran war.
The national average price for a gallon of regular gas dropped below $4 on Thursday for the first time since the start of the conflict with Iran started. According to AAA, after peaking to as high as $4.56 per gallon last month, prices have steadily declined in recent weeks.
The recent decline comes as global markets respond to a tentative agreement between the United States and Iran to end hostilities between the two nations and reopen shipping traffic through the Strait of Hormuz, one of the world’s most important oil transit routes.
Even with prices at a level many haven’t seen since March, American drivers are still paying about $1 more per gallon than they were before the conflict with Iran started and 25% more than they were paying at this time last year.
The recent relief comes with the drop in cost for crude oil, gasoline’s main ingredient. Analysts say it could still take some time for those savings to reach consumers. Additional factors such as refinery operations, fuel inventories and regional supply constraints can delay price decreases.
Big picture view:
The gas impact is felt across the board in other areas as well. Businesses who rely on diesel for transportation of goods could find it takes time to see the drop in prices to trickle through the supply chain.
U.S. inflation is at its highest level in three years because of the rise of fuel cost. Groceries, airline tickets, and clothing are all being impacted by the global supply chain disruptions.
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