Gasoline prices dropped more than ten cents a gallon over the past week, and news of a draft of a peace agreement has calmed the oil market somewhat.
The billion-dollar question: is this price drop going to last?
"I'm still holding my breath as to what these prices can do," said AAA analyst Don Redman after so many ups, and infrequent downs, in the price of gas.
Price for regular gasoline in New Orleans:
- Current Avg. $3.913
- Yesterday Avg. $3.944
- Week Ago Avg. $4.034
- Month Ago Avg. $3.755
- Year Ago Avg. $2.734
Redman says he just doesn't know what to say about where gas prices may be headed, although if there is an agreement finally made to reopen the Strait of Hormuz, "I think the prices will come down relatively quickly. I'd still would give it a matter of weeks and not days."
But Redman warns there is another potential monkey wrench to jam up the works -- hurricane season, which can disrupt Gulf of Mexico production.
