The price of oil may not be able to fall rapidly, causing Americans to spend billions of dollars extra on fuel.

Although a temporary ceasefire has been reached in the Middle East, Americans are facing a harsh new reality: $4 per gallon gas prices appear to be the new normal. Even if President Trump's proposed two-week ceasefire can be maintained, it may take a long time for oil prices to fall again. According to data from the American Automobile Association, drivers now generally have to pay $5 per gallon for gasoline from Las Vegas to Seattle, while gas prices in San Francisco and Los Angeles often exceed $6. AAA data shows that in the past month, the most significant price increases in oil have been in Hawaii, Idaho, and Utah. In the central region of this impact, the state of California, the average price of diesel has reached $7.75 per gallon on Thursday. Mark Valentino, head of business at Citizen Bank, said: "Whether you are a small business owner or an ordinary company employee, the soaring oil prices will seriously erode real wages." He added that although many businesses can withstand short-term price increases, "if US oil prices do not fall by May or June, the situation will become more difficult." This recent and rapid surge in fuel prices, the most since modern times, has cost Americans billions of dollars in fuel. Analysts at JPMorgan estimate that if recent oil price increases continue until the end of the year, the additional total cost could reach $100 billion; and if the disruption in shipping in the Strait of Hormuz further extends, this expenditure will be even higher.