How soon will gas prices to go down?

Joining us in the BC this morning is CBS News Business Contributor Javier David, in person for the first time in a long time. A warm welcome back to the building-- Yeah. --sir. And I understand that with a framework agreement between the US and Iran, oil prices seem to be, what, pulling back a bit? Where are they this morning? Plunging 5% on the day, and stocks, as you mentioned, gearing up for a big session. Kind of tells you everything you need to know about how the markets are interpreting this news of a potential end of the Iran war. It's kind of like-- everyone's like the Knicks winning the championship. It's very much a bullish signal. The market, interestingly, has shrugged off a lot of this crisis in Iran. But it's still been vulnerable to these bouts of risk-averse selling. But this new deal, it removes what's been a real major drag. So fun fact-- according to the IEA, this shock was worse than 1973, 1979, and 2022, when Russia invaded Ukraine. And still, as much as we've been talking about oil and gas prices, none of that ever topped any of the previous peaks. But this is good news, because it lets some of the air out of this very inflation-filled economic bubble that we've been living in. It takes the pressure off of oil and gas prices. Gas prices at the pump over $4 a gallon, likely to start pulling back some as everyone hits the road for the summer.

And the question we always ask, when can we see that happen, do you think?

Yeah, and so it'll take a while.

If it stays where it is or goes lower.

Yeah, staying where it is, but I'd definitely say within a week, you'll start seeing it creep down. It's not going to be a dramatic drop, but as soon as oil-- gas prices are very closely tied to global oil prices. So when those start falling, gas prices follow suit. Well, we need it. Every cent counts. Javier, let's talk about big IPO last week, SpaceX. How's that stock doing? Yeah, so SpaceX is up on its second day of trading. This is a noteworthy affair for a bunch of different reasons. We've mentioned the very first trillionaire in the world in Elon Musk. Massive interest from both big and small investors. The "Space Race" is kicking into high gear. The euphoria is bound to wear off, and history suggests that stocks will come back down and make it a much more attractive investment at reasonable levels. Big IPOs normally spike the first couple of days of trading. And then data says that they tumble by double digits, normally anywhere between 25 and 80% within the first year or so. That's because--

Wow! That's a lot!

Yeah. As a publicly traded company, you're required to be fully transparent with the markets. You've got to sort to open the kimono and tell the investors, here's what we're doing in profit and revenue.

Woo! Wait a minute. And they inevitably fall short. So that's what-- it's the ebb and flow of the markets. But SpaceX, it's not just one thing. It's really like-- it's not just one company. It's like Tesla. It's a long-term play. So you're thinking about it-- you have to think about it as a bid on the future of AI, the future of private space travel, the vision and ingenuity of the guy who runs the place, who a lot-- look, say what you want about him. People haven't made a whole lot of money betting against him.

That's true. All right, Javier David, with the insights. We appreciate you.

Good to see you, Javier. Absolutely.

Thanks.