economy
Analysis: A long way to go before gas prices go back down
The war with Iran has sent oil prices higher for two primary reasons: a near shutdown of the Strait of Hormuz and a slowdown in oil production in the Middle East. CNN’s David Goldman explains why Americans may not be seeing lower prices for quite some time.
TL;DR
- War with Iran has caused oil prices to increase.
- Reasons for the price hike include the near shutdown of the Strait of Hormuz.
- A slowdown in oil production in the Middle East also contributes to higher prices.
- Americans may face elevated gas prices for an extended period.