EL PASO, TEXAS (KFOX14\/CBS4) \u2014 As families in El Paso grapple with high costs at the gas pump and the grocery store, a possible U.S.-Iran agreement that could calm oil markets is drawing close attention \u2014 even as analysts warn any relief may not be immediate.<\/p>\n
\u201cThe problem that I see is that the gas prices are super high,\u201d one person said.<\/p>\n
Another shopper said the strain is showing up in grocery bills, too: \u201cGasoline is a big one. But groceries. My wife and I can’t afford to buy any meat anymore. Steaks are just too expensive.\u201d<\/p>\n
The Associated Press reports a tentative deal to end the war with Iran and reopen the Strait of Hormuz could help ease pressure on oil markets. After news of the potential agreement, the AP reported<\/a> oil prices dropped Monday to about $80 a barrel. That is down from more than $120 earlier in the conflict, but still above the $67 a barrel before the war.<\/p>\n Jordan Salas reports on Possible U.S.-Iran agreement could calm oil markets, but price relief may take time (Credit: KFOX14)<\/p>\n<\/p>\n Lower oil prices could mean some relief for drivers first, but experts say grocery prices may take longer to respond because costs such as fuel, shipping and fertilizer can take time to move through the supply chain.<\/p>\n At the grocery store, shoppers said they are already feeling the impact.<\/p>\n \u201cEverything in the store has really gone up,\u201d one person said.<\/p>\n Another added, \u201cThe prices are through the roof. So, I mean, even if you want to budget for ground beef, it’s almost impossible nowadays.\u201d<\/p>\n Even if a deal is reached, some residents said they do not expect prices to fall quickly.<\/p>\n \u201cI don’t think prices are going to drop for another year or so. Everything’s so backed up,\u201d one person said.<\/p>\n Another said, \u201cIt isn’t going to instantly help us. I don’t think so. I think we’re stuck for a while and I just hope we can make it.\u201d<\/p>\n Still, people said they are hoping the agreement comes together.<\/p>\n \u201cI wonder if its going to happen. I hope it does,\u201d one person said.<\/p>\n Another added, \u201cI’m hoping it does. I’m not convinced it will, but I’m hoping it does.\u201d<\/p>\n The deal could come together by the end of the week, and many El Pasoans said they will be watching closely to see what it means for their wallets.<\/p>\n RECOMMENDED: Iran deal: costs may fall slowly<\/a><\/p>\n RECOMMENDED: Memorial Day travelers hit the road despite high gas prices, focus on family time<\/a><\/p>\n