Khaberni - American consumers breathed a sigh of relief at gas stations on Thursday, as the average price of regular gasoline fell below $4 for the first time since March, according to data from the American Automobile Association.
Global oil prices fell following the announcement of a memorandum of understanding to end the war between America and Iran and the reopening of the Strait of Hormuz to oil tankers and other ships.
The war led to a significant increase in energy prices, after Iranian retaliatory actions included closing the vital waterway that usually carries about one-fifth of the world's oil and gas supplies.
According to "Agence France-Presse," American families have been suffering from rising prices for years, and the energy price crisis has driven inflation to its highest level in 3 years.
The average price of a gallon of regular gasoline was $3.99 on Thursday, according to the American Automobile Association. It is still 34% higher than the day before the war broke out.
On Wednesday, the chairman of the US Federal Reserve, Kevin Warsh, pledged that the central bank would work on "stabilizing prices," while some decision-makers hinted at the possibility of raising interest rates.
The Federal Reserve is aiming for a long-term inflation rate of 2%, however, the rise in prices has been above this level for more than 5 years.
According to the Personal Consumption Expenditures Price Index, the Federal Reserve's preferred gauge, inflation in the United States was 3.8% in April.
Affordability remains a pivotal political issue as the United States prepares for the midterm elections in November, when the Democratic Party will attempt to wrest control of Congress from the Republicans.
