HENRY COUNTY, Ga. — As President Donald Trump announces an agreement between the U.S. and Iran that would allow ships to travel through the Strait of Hormuz, drivers want to know when they’ll see prices at the pump go down.
Channel 2’s Candace McCowan spoke with drivers along Interstate 75 in Henry County on Monday who are trying to make do, but are desperate to pay less at the pump.
“This drinks a lot of gas,” said Sequaya Victrumn. “Where at first it was $60, to fill up my whole tank, I’m pushing $90.”
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Victurmn says the high prices are leading to the possibility of a big change.
“A smaller car, a smaller vehicle,” Victurmn said.
But the president’s agreement with Iran that is set to be signed later this week, could lead to some relief. But many question how quick that will come.
“When you hear, ‘Deal reached,’ and you’ve seen gas prices soaring over the past few months, you’re like ‘Woohoo, this means instant relief at the pump,’ not quite the case,” Joel Larsgaard, host of the “How to Money” podcast, said.
He says we could see a small dip in prices by the Fourth of July, but a return to pre-conflict prices could take longer.
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“It could take many, many months and that is because of the refining process, that is because of the oil fields drilling needed to be restarted in some parts of the middle east, that is because of a back log of tankers not able to go through the Strait of Hormuz,” Larsgaard explained.
He said that all depends on the president’s deal holding.
“Are things really solidified? Is the strait really open for business long-term?” he questioned.
Drivers like Shepard Scott say they’re not holding their breath.
“How many times have we heard that? We’ve heard a million different timelines and none of them are right, so I’m not hoping anything,” Scott said.
Larsgaard says airline prices are in a similar position of taking months to see a change.
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