Trump Touts Falling Oil Prices as Relief for Drivers, But When Will Gas Costs Ease?
Gas prices have been falling for weeks, but drivers may not feel the relief at the pump just yet. President Trump recently pointed to declining oil prices as a sign that relief is on its way, saying 'oil has come tumbling down.'
Crude oil prices dropped to a three-month low after news of a potential deal between the U.S. and Iran helped calm global markets. However, when oil prices drop quickly, gas prices tend to follow more slowly due to inventory and supply chain delays.
The national average price for regular gasoline has fallen below $4 for the first time in weeks, but it's still nearly a full dollar higher than the pre-conflict average of $2.98. The increase has added up, with estimates showing that higher gas prices since the start of the war have cost Americans more than $30 billion.