(NAFB) The path to peace between the U.S. and Iran has been a bumpy road. But despite that, oil investors are still feeling pretty good about how things are looking in the Middle East. Earlier this week, oil prices were down roughly three percent, which has pushed fuel prices lower.
Patrick DeHaan is the senior petroleum analyst with Gasbuddy.com.
“Gasoline and diesel prices fell in virtually every state over the last week as well. Gasoline prices nationally have been down about 14 cents a gallon in the last week. The national average is now back below the $4 a gallon mark for gasoline, and diesel is back below $5 a gallon. So, certainly good news that the prices can drop for five straight weeks. That’s a trend that may now continue.”
DeHaan added that the U.S. Treasury Department giving the green light Monday to allow Iran to sell oil under a 60-day license could likely lead to bigger declines in the weeks to come. He added that oil prices are now in the ballpark of what we saw before the start of the war.
Does that mean consumers will see fuel prices drop to levels we saw before the U.S. and Israel started bombing Iran?
“We probably won’t see gasoline and, well, potentially diesel declining back to pre-war levels for still several months, if at best. We’ll have to see how the situation progresses, but there probably will still be a lot of time involved to see refined products slipping to their pre-war levels.”
Again, that’s Patrick DeHaan with Gasbuddy.com.
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Audio provided by Glenn Vaagen, PNW Ag Network, Pasco, Washington
Audio with Patrick DeHaan, senior petroleum analyst at Gasbuddy.com
