Gas prices have tumbled in recent weeks as fighting in the Middle East has largely given way to negotiations between the United States and Iran.
The national average price of a gallon of gas stood at $3.92 on Monday, marking a decline of 62 cents, or 13.6%, since a month earlier, AAA data showed.
Still, prices remain well above where they were before the historic oil shock set off by the Iran war. In late February, a gallon of gas sold for an average price of less than $3.
Many drivers and analysts remain focused on a single question: Can gasoline prices keep falling – and, if so, how much lower will they go?
Prices at the pump may very well continue to drop over the coming weeks as tanker traffic stands poised to resume in the Strait of Hormuz under the terms of an agreement between the U.S. and Iran, some analysts told ABC News. The potential burst of supply, they said, would likely push oil prices lower, which in turn would reduce fuel costs.
However, the decline in oil prices over recent weeks is expected to slow, the experts noted. Some of the anticipated oil supply is already baked into current gasoline prices, they added, while further noting that demand would keep prices elevated as countries move to refill depleted oil reserves and travelers hit the road for summer vacation.
“I suspect we’ll see a continued drop in gas prices over the coming weeks, but at some point this will slow down,” Tyler Schipper, a professor of economics at the University of St. Thomas, Minnesota, told ABC News.
Tom Seng, a professor of energy finance at Texas Christian University, told ABC News the national average price of a gallon of gas could fall as low as $3.50 over the coming weeks.