Gas Prices Continue to Fall For Now

(Undated) — The nation’s average price of gasoline has fallen 14.1 cents over the last week and stands at $3.90 a gallon. According to GasBuddy Head of Petroleum Analysis, Patrick De Haan, average gasoline prices declined in nearly every state over the last week, while all 50 states saw average diesel prices move lower. However, the outlook is far from settled. De Haan says new uncertainty has emerged after Iran suggested the Strait of Hormuz was closed, along with fresh warnings that the U.S. could again strike Iran, developments that could push oil prices higher in the days ahead. He says despite this, gasoline prices aren’t yet at significant risk of a spike, as some vessels have continued to move through the Strait. Still, De Haan says, should the situation worsen or escalate further, motorists could see that risk change quickly.