Straight of Hormuz reopening: when will gas prices go down?

Newsweek interviewed Scott Laing for a story about when consumers might be able to expect gas prices to go down after President Trump announced on Friday that Iran would reopen the Strait of Hormuz. According to Laing, the strait’s reopening is “not going to be some light switch” for gas prices. “It’s going to take months for us to see a lowering of the prices at the pump, if not a full on year to get it to where we were before the war began,” he said. “At best, we’re talking six to eight weeks to start to see some type of slight decline in prices at the pump.”