Gas prices could fall below $3 by end of summer, says AAA analyst

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The price of oil has fallen around $30 over the last month, plunging even further on Tuesday as traders await the signing of a peace deal between Iran and the United States.

How long will it be before we see gas prices to pre-war levels?

"I think it's going to take us a little while for everything to work out," AAA's Don Redman said.

Still, Redman says consumers are already seeing significant price drops at the pump as oil prices plummet.

"We're definitely almost 40 cents cheaper than we were a month ago," Redman noted.

In fact, Redman says we could see gas prices continue falling over the next few months.

"There's a lot of hope that we will see those prices under $3 certainly as we get through the end of the summer."

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Redman says for gas prices to fall below $3 a gallon, Washington and Tehran must maintain any peace agreement they sign. Redman adds that the Gulf must remain quiet to prevent a spike in oil and gas prices.

"As we know, late July and certainly into August into September is the season within the season," Redman said. "They're not forecasting a busy hurricane season, but all it takes is one, as we know."

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