Gas Prices Drop in Hampton Roads, Averaging $3.82
AAA says U.S. gasoline remains 34% higher than when the Iran conflict began, even after the national average slipped to $3.99 a gallon.
- On Thursday, the United States and Iran signed a memorandum of understanding to end their conflict, immediately reopening the Strait of Hormuz and sending national gas prices below $4 per gallon.
- The monthslong conflict effectively closed the Strait of Hormuz, through which a quarter of global energy flows, causing gas prices to spike to $4.99 in states like Arizona before the deal.
- Brent Crude dropped 1.4 percent to $78.46 a barrel on Thursday, while West Texas Intermediate fell 2.2 percent to $75.10 as ships resumed passage through the Strait.
- Petroleum expert Patrick De Haan of GasBuddy told CBS News that prices should continue to fall "provided there isn't a drastic reversal," as the deal grants Iran export waivers.
- Refilling the U.S. strategic petroleum reserve and shipping bottlenecks may cause price declines to plateau, potentially delaying a return to pre-war costs until year-end.
14 Articles
14 Articles
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The National Average Gas Price Is Finally Dipping Below $4
Source: Brandon Bell / Getty After months of egregiously high gas prices, there is finally some hope on the horizon. On Thursday, gas prices fell slightly below $4 nationwide. When I say slightly, I mean it in the fullest extent of the word, as the New York Times reports that the average price per gallon is $3.99 nationwide. While it’s undoubtedly good to see oil prices dropping, AAA notes that gas prices are still 34% higher than they were when…
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