Iran ceasefire deal could mean lower gas prices for motorists

CHICAGO (WLS) — Motorists could see some relief at the gas pump with the war with Iran on pause.

Some industry experts said the price of gas could start to drop in the next two days by a few cents daily, meaning a gallon of gas could fall below $4 within the next one to two weeks.

Average U.S. gas prices have climbed more than 70-percent due to the Iran conflict.

Crude oil prices dropped sharply after the announcement of a ceasefire.

According to AAA, the national average for a gallon of gas is $4.14.

On social media, Gasbuddy’s Patrick De Haan posted that gas prices could start reversing nationally in 48-hours by a few cents every day.

Diesel prices may lag slightly, but are not likely to reach a record high.

The average diesel price remains around $5.54. But analysts are warning the public that gas prices may not return to levels they were before the war.

“I think we are likely to see that the sort of increase in fuel prices and other types of resources won’t go away,” Jessica Genauer, academic director of the Public Policy Institute at the University of New South Wales. “It’ll be a bit alleviated, but there will still be that hike in costs.”

Remember, gas prices were below $3 before the United States and Israel launched attacks against Iran.

Experts say despite the expected price drop, the ceasefire is temporary, meaning future pricing is unclear.