Just as gas prices were beginning to provide some relief for drivers, fuel experts say global tensions may once again push prices higher.
According to Patrick De Haan, recent talks between the United States and Iran failed to produce a deal, creating new uncertainty in global energy markets.
That uncertainty comes at a time when gas prices in the New Orleans metro area had been moving in the right direction.
"Prices had come down about 14 cents recently," De Haan said. "But the latest developments are likely to put upward pressure back on the market."
De Haan says predicting exactly where prices go from here is difficult because geopolitical events continue to shift rapidly.
"There's really no such thing as a forecast right now because of all the political tensions," he said.
Even so, he says there are already signs that prices are beginning to respond.
"Gas prices were up about a penny overnight," De Haan said. "That's a pretty good indication that we're likely headed higher again."
The reason drivers tend to feel price increases so quickly comes down to how fuel retailers react to market conditions.
"Prices tend to rise much faster than they fall," he said.
As wholesale fuel costs increase, stations often adjust prices almost immediately. However, when oil prices eventually decline or tensions ease, consumers typically wait longer to see those savings reflected at the pump.
"Once deals are made and things settle down, it usually takes longer for prices to trend lower," De Haan said.
For now, motorists should prepare for additional volatility as global markets continue reacting to developments overseas.
While the exact trajectory remains uncertain, De Haan says one thing appears increasingly likely: the recent decline in gas prices may be short-lived.
