GRAND RAPIDS, Mich. — Oil prices fell to their lowest levels in nearly three months after the U.S. announced an agreement with Iran to end the war over the weekend, and drivers in West Michigan could soon feel the impact at the pump.
"If the strait remains open, if this deal remains in place and is executed on gas prices may remain below the $4 a gallon mark for the rest of the summer across West Michigan," GasBuddy analyst Patrick De Haan said.
While prices may come down, De Haan warns the process will be a slow burn. President Trump is touting pre-war prices at the pump following the agreement, but the Department of Energy says the Strategic Petroleum Reserve has fallen to its lowest levels since the 1980s. It could take up to a year to build back to pre-war levels, meaning pre-war prices could also be a ways off.
"We may not see gas prices falling back to their pre-war level until late this year, or into early, or even mid next year," De Haan said.
We are halfway through June — typically a time of peak gas prices as summer heats up — but that trend could reverse this year if the war in Iran officially comes to an end. Officials on both sides say an agreement is on the table.
Grand Rapids area prices were down to start the week, about 14 cents lower than last week and more than 90 cents lower than what drivers were paying this time last month, according to GasBuddy.
Here is a look at average gas prices by county as of Tuesday morning:
| County | Average Price Per Gallon |
|---|---|
| Kent County | $4.00 |
| Muskegon County | $4.05 |
| Ottawa County | $4.00 |
| Kalamazoo County | $4.17 |
These prices reflect the most up-to-date averages for the entire county, so prices at individual stations may vary.
For drivers looking to save the most on gas this week, prices will continue to go down heading into the weekend. Waiting to fill up is the best bet to save some money at the pump.
