00:00There is finally some good news for American wallets.
00:02Gas prices across all 50 states are expected to fall significantly in coming weeks,
00:08as the Strait of Hormuz begins to reopen under the U.S.-Iran ceasefire deal signed last week in Geneva.
00:14Global crude prices have already begun retreating from their war-era highs,
00:19the highest sustained prices since Russia's 2022 invasion of Ukraine.
00:24Trump administration officials are projecting the national average could drop 40 to 50 cents per gallon over the next month,
00:31and a half as the one-fifth of global oil trade that flows through the strait returns to something approaching
00:37normal volumes.
00:38At its peak last month, the national average hit $4.89 per gallon, a level not seen since 2022.
00:47Analysts caution that the decline will take several weeks to flow through the supply chain,
00:52and that the nuclear talks still underway in Switzerland represent the biggest remaining risk to energy markets.
00:58But for now, the outlook at the pump is improving.
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