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US and Iran peace deal expected to impact prices at the pump
US and Iran peace talks are expected to trickle down to the pump - and is expected to reduce some of the pain that drivers are feeling.
FOX 2 - After months of fierce negotiations, the Trump administration says a deal to end the war with Iran has been reached.
The backstory:
A key part of this tentative peace deal is the reopening of the Strait of Hormuz, which is where millions of barrels of crude oil would pass through daily.
Many see this reopening as a boost for the U.S. economy. Some drivers say this conflict made gassing up their vehicles basically unaffordable.
Meanwhile the loss of lives and the standing of the US in the world is also being examined in the aftermath of the possible deal.
Some say the timing of today’s announcement was no accident.
Saeed Khan is the Wayne State University professor of learning in Near East and Asian Studies.
"The president today is in Geneva on his way to Avignon, France, for the G7 Summit, and the timing is no coincidence," said Khan. "The president wanted to be able to present to many of our European allies some kind of a resolution.
"(Especially) given the fact that so many of these countries have been suffering economically, because of the impasse in the Persian Gulf, particularly when it comes to energy needs. So in that case, it is welcomed."
Imam Mohammad Ali Elahi from the Islamic House of Wisdom, said the impact was felt in other countries.
"So many nations all over the world had to pay the price because of the Strait of Hormuz," he said. "The oil, the gas that was supposed to be less than two dollars became more than $4."
Many drivers across Metro Detroit are hoping this peace agreement will drive down gas prices.
"You have to get to work, so you have to fill your gas tank. You also have to put food on the table, so you have to bend a little bit to get through life," said Shaun Phelps of Canton. "So I think gas prices coming down will definitely help the economy for sure."
"We’ll have to see how it goes because, you know, they tell you one thing and another thing happens," said Carlton Spencer, K&B Landscaping. "So we’ll have to see what happens with the gas prices, but it’s still high – it's over $4. It's almost $90 to fill this up. It's just ridiculous."
Imam Mohammad Ali Elahi of the Islamic House of Wisdom
The Source: FOX 2 spoke to Saeed Khan of Wayne State, Imam Mohammad Ali Elahi and two drivers.