Oil futures are plunging – but it could still take weeks or months before gas prices are dramatically lower. Even a relatively small decrease to $4 a gallon could take one or two weeks, according to gas price tracking service GasBuddy. And getting below $3 a gallon, as gas prices were before the war started on February 27, could take months, analysts told CNN. “There’s an old expression – gas prices go up like a rocket and come down like a feather,” said Tom Kloza, an independent oil analyst and advisor to major oil company Gulf Oil. When wholesale prices fall, owners typically try to make up for that squeeze by hanging onto higher prices, he added.

Source: CNN April 08, 2026 19:09 UTC