(The Center Square) – The national average price for a gallon of motor fuel has steadily dropped in the past week, falling below $4 for the first time since the end of March. Illinoisans have, as a result, also seen lower prices at the pump.
Illinois’ average cost per gallon Friday was $4.24, higher than the national average and still nearly $1 more than the Illinois price a year ago.
The price decrease for Illinois, however, month-over-month was roughly 80 cents – a larger shift than the 56-cents difference in the national average, according to AAA.
Vice President J.D. Vance told the media Thursday that as a result of negotiations with Iran and a tentative deal being struck to bring an end to the conflict with Iran, the cost of motor fuel to consumers has begun to fall steadily.
“Last night, 12.5 million barrels of oil went through the Strait of Hormuz. That is a high since the beginning of the conflict. Oil prices are down nearly at their level from the pre-war conflict. Gas prices dropped below $4 a gallon today for the first time since the conflict,” Vance said.
As of Friday morning, a U.S. official confirmed to The Center Square that both Israel and Hezbollah had agreed to a ceasefire, after fire between the two forces seemingly stalled peace talks between the United States and Iran.
Vance delayed a trip to Switzerland for discussions with Iranian officials planned for Friday, where both sides were expected to officially sign a memorandum of understanding that includes a stipulation to end conflict in Lebanon as part of the larger ceasefire.
Days after the memorandum gained preliminary agreement from both sides on June 14, President Donald Trump touted the tentative deal as a success for the U.S.
“On Sunday we reached an agreement with Iran that achieves everything we set out to accomplish,” the president said. “Ending the current conflict, reopening the Strait of Hormuz, and preventing Iran from ever obtaining a nuclear weapon.”
Vance also confirmed that the U.S. has lifted its blockade of the strait.
“All we’ve done is lift the blockade, and the straight we basically returned it to where it was before for the conflict. The blockade is off, we put that in after the conflict started. The straits are now open,” Vance said.