WEST PALM BEACH, Fla. — Gas prices across Florida and all of the U.S. are expected to drop in the coming days as a Middle East ceasefire takes hold and oil tankers begin moving freely in the Strait of Hormuz.
Oil prices plunged roughly 9% on Friday after Iran officially reopened the Strait of Hormuz, following a 10-day ceasefire agreement between Lebanon and Israel.
WATCH BELOW: How low will it go? Gas prices begin to drop
RELATED: WPTV Gas Price Tracker
President Donald Trump said the U.S. naval blockade on Iran will continue until a full peace deal is reached.
The trickle-down effect of opening the strait has begun, with global oil prices retreating as tankers start moving again in the Middle East.
Gas prices in Palm Beach County are starting to fall below $4 a gallon. AAA listed average gas prices for regular unleaded on Friday for the following counties:
- Palm Beach County - $4.24
- Martin County - $4.14
- Indian River County - $4.13
- St. Lucie County - $4.13
- Okeechobee County - $4.10
Patrick De Haan of GasBuddy outlined the market changes on his "Over A Barrel" video podcast on Friday. He noted the situation is still fragile, but the trend could move the national average price comfortably below $4 a gallon by Memorial Day.
"Every state will start seeing gas price decreases .... at a pace probably of 2 to 3 cents every day or two, and that will continue for a couple weeks," DeHaan said. "By later (Friday night) stations will start more aggressively lowering prices. So, by Sunday afternoon, I'm going to guess that $4.05 will drop below $4, and the current trajectory we could get down to $3.65 to $3.85 for gasoline in the next week or two," DeHaan said.
WPTV met Yuri at a West Palm Beach gas station, where his food truck requires a lot of fuel.
"It has impacted me the last few weeks, spending more than usual," Yuri said.
"Great news for my pocket too," Yuri said.
It is generally true that prices never fall as quickly as they rise. With gasoline, it is worth it for drivers to pay attention to the signs when it is time to fill up.
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