Expect more pain at the pump in the weeks and months ahead.
Millions of cash-strapped Americans are probably hoping that the current ceasefire — a two-week pause to hammer out a lasting peace deal — will mean a swift return to where gas was before the U.S. and Israel went to war with Iran on Feb. 28: under $3 per gallon.
After all, haven’t the Iranians agreed as part of the ceasefire to lift their monthlong blockade of the Strait of Hormuz, which has effectively choked off one-fifth of the world’s oil supply? And if oil starts flowing out of the Persian Gulf again, doesn’t that mean gas prices will plummet?
Unfortunately, no — or at least not anytime soon.
“There’s no going back to what we had,” Mark Zandi, chief economist of Moody’s Analytics,
told USA Today. “At least not this year.”
Expect more pain at the pump in the weeks and months ahead.
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