Oil analysts say that a meeting to discuss Iran’s nuclear program helped ease tensions in the Middle East. As a result, the price of oil dropped the most since December 2011.
Drivers should see some relief at the pump this week.
According to the Energy Information Administration’s weekly fuel update, the nation’s average price dropped by 2.1 cents to $4.127 per gallon. Prices in every region of the U.S. fell. The Midwest dropped the most, at 3.4 cents to $4.021 per gallon.
Analysts add, that although no concrete agreement was made concerning Iran, as long as negotiations continue, there will be a deduced chance of fighting in the Persian Gulf, therefore oil prices should remain steady.
This may be just the relief drivers need. At least it’s a turn in the right direction.