PHOENIX - Good news is arriving at the gas pump, as prices are finally coming down following the dropping price of crude oil. This is over hopes that the war with Iran will come to an end.
The backstory:
The war sparked the largest global energy supply shock in history, disrupting 20% of supplies coming out of the Strait of Hormuz and sending the national average price to more than $4.50 a gallon.
Big picture view:
The national average gas price is now below $4 a gallon, marking the first time it has been that low since mid-March, and drivers have noticed.
The average price is still $4.40 a gallon in Phoenix, which remains above the national average.
What they're saying:
We spoke with drivers on June 19 about the lower prices.
"So lately, looks like they’re dropping right now, so they’re coming down, so that’s a good thing," one driver said.
A few pennies per gallon can really add up fast for activities like going to the grocery store or taking a trip to California.
"Gas is expensive you know? I just go to California. Makes me wanna second-guess my trip sometimes, you know," another driver stated.
What's next:
Changing prices will likely be slower on the way down due to what is known as the rocket and feather effect, which was a hot topic today on FOX 10 Talks.
"If we open the straight today, the US Navy has said it would take three months to sweep the strain to remove the mines around. Certainly doesn’t know where all the mines are," an expert noted during the discussion.
When asked about hopes for the future, one driver responded, "That prices come down and we can try traveling again."
The Source: Information in this report was gathered from drivers, and from other relevant FOX 10 news reports.