A Shell gas station in Raleigh, where gas was selling for $4.19 a gallon on Tuesday. Photo: Zachery Eanes/Axios
Even if the Iran conflict ended now and the Strait of Hormuz fully opened, don't look for a quick return to pre-war gas prices, Axios' Ben Geman writes.
Why it matters: Gas prices in the U.S. hit their highest levels in four years on Tuesday, and, for many in a car-dependent Triangle, the price at the pump is an immediate hit to their bank accounts.
By the numbers: The average price of gas in the Raleigh metro area on Tuesday was $4 a gallon, according to AAA.
That's up 35% from the same time last year.
What they're saying: The research and consulting firm S&P Global has modeled three near-term price outlooks, given the "extreme uncertainty" associated with the conflict.
"Even in the most optimistic of these scenarios, in which flows through Hormuz recover quickly with no restrictions, U.S. retail gasoline prices are likely to face an uphill battle to return to pre-war levels until 2027," Rob Smith, the firm's director of refining and marketing, said via email.
