Oil futures are plunging – but it could still take weeks or months before gas prices are dramatically lower.
Word of a two-week ceasefire in the war in Iran and a possible reopening of the vital Strait of Hormuz to oil tankers sent crude prices crashing on Tuesday evening into Wednesday. But even if the war ends – which remains to be seen – the massive disruption in global oil markets isn’t over yet.
The average price for a gallon of gas has soared to $4.16 since the start of the war, according to AAA, up by $1.18. Even a relatively small decrease to $4