The national average price for a gallon of regular gasoline fell below $4 on Thursday for the first time since late March, as the United States and Iran signed an agreement to reopen the Strait of Hormuz and end hostilities.
According to The New York Times, AAA recorded the national average at $3.999 per gallon, a drop of roughly three cents from Wednesday’s $4.03
GasBuddy, a separate tracking service, put the price at around $3.98. Among the 28 states that had already crossed the $4 threshold downward, Indiana recorded the cheapest statewide figure at $3.40. Despite the milestone, gas prices remain about a third higher than before the war began, and experts say a return to pre-war levels is unlikely any time soon.
Before the first U.S.-Israeli strikes on Iran in late February, the national average hovered just below $3 a gallon. Prices peaked at $4.56 on May 21 as Middle East energy supplies tightened and crude oil briefly approached $120 a barrel. Restoring normal tanker traffic through the strait is a process that could stretch three to four months, Kpler lead oil analyst Matt Smith told CNN, with rebuilding the stockpiles drained by the conflict requiring still more time beyond that.