Gas prices likely to remain high for months, energy experts say

MoneyWatch Energy experts say gas prices are likely to remain high for months. Here's why. .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Megan Cerullo Megan Cerullo Reporter, MoneyWatch Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting. Read Full Bio Megan Cerullo June 2, 2026 / 5:52 PM EDT / CBS News Add CBS News on Google American motorists would face pain at the pump for months even if the U.S. and Iran strike a peace deal and move quickly to reopen the Strait of Hormuz, according to energy experts. "It is all contingent on when boats start moving through the Strait of Hormuz," GasBuddy petroleum expert Patrick De Haan told CBS News. "If and when that happens, it will be a very long, multi-month to multi-year process for things to fully normalize."Across the U.S., a gallon of regular gas on Tuesday sold for an average of $4.29, down from more than $4.50 in May, according to AAA. Gas averaged $2.98 a gallon just before the U.S. and Israel attacked Iran at the end of February. "We won't see those levels until potentially mid-to-late 2027," De Haan predicted, referring to pre-war fuel prices.The Strait of Hormuz, a strategically vital waterway connecting the Persian Gulf to the Arabian Sea, normally accounts for roughly 20% of global crude and liquefied natural gas supplies.  The Strait of Hormuz is a crucial passageway for oil shipments from Gulf states. Bedirhan Demirel/Anadolu via Getty Images Although oil prices are likely to fall immediately if a deal ending the Iran war is announced, gas prices will fall more slowly because it will take time for more oil tankers to resume traveling through the strait and for global oil supplies to rebound. Crude would then need to be delivered to refineries so it can be turned...