Posted on 05/29/2026 5:49:22 PM PDT by Libloather
Prices at gas pumps are starting to sink and oil is on track to drop 20% in May — its largest one-month decline since 2020 — as investors remain optimistic that a deal to end the Iran war is near.
As of Friday, national average gasoline prices had eased to $4.39 a gallon, according to AAA. That’s about 17 cents lower than the 2026 peak price of $4.56 a gallon – though it’s still nearly 50% higher than pre-war prices.
Brent crude oil had fallen 1.3% to $91.51 a barrel as of about 2:50 p.m. ET Friday. The global benchmark was poised to fall about 20% from its 2026 peak.
West Texas Intermediate crude dropped 1.9% to $87.19 Friday, and was also looking at a 19% monthly drop for the month.
The benchmarks plunged Thursday after the White House confirmed that US and Iranian negotiators have reached a potential agreement to reopen the Strait of Hormuz, a vital maritime route for 20% of the world’s oil that has been largely blocked off for months.
Oil prices continued to fall Friday after President Trump posted on Truth Social that he would be meeting in the Situation Room “to make a final determination” on the deal.
(Excerpt) Read more at nypost.com ...
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If someone knew that the market was “poised to drop 20%,” they could short the market and make a killing.
Sink? Got a l o t farther to really 💧.
INB4 the dems do a story about how “the plunging gas prices is impacting the poor migrant families in Texas that work in the oil patch”. And comment on how this is bad for Paxton.
I was in Indianapolis last weekend for the 500- i was gas $3.89/gallon before this weeks tumble...
Already fell about 20 cent per gallon here in the last week or so. Was around 4.10-4.29. I saw 3.89 last night.
Still over $5 a gallon here in WA
Prices went up in dollars and coming down in cents.
$4.19 two weeks ago - $3.69 today in San Antonio, $3.67 with the Love’s discount.
I filled up in FL for $2.59 a gallon before Trump initiated this war without Congressional authorization.
FL average is $4.15 currently.
Go back to DU.
I sleep better knowing fanatic Muslims in Iran won’t have a nuke during my lifetime. I am very happy to pay higher gas prices for a few months. My life is worth millions to me, a few dollars extra for gas is a bargain.
But if the world oil price per barrel takes a sudden drop, well, it could be awhile before that gas price sign changes.
Interesting how that works.
"The largest drop since blah blab barf" while gas prices are still up 50%. Wut?
The war harpies, Trump simps and Israel first quislings are laying it on thick running cover for Trump's fatass and his Iran FAIL.
Again, not seeing it. Over 4 a gallon here.
Sink means back to mid 2.00 range.
The Conditioning ♠️ Card, like the outlandish so called “market, 30+ Trillion Big Un-Beautiful Bill, influencers Ballroom, won’t cut it. Not at all.
Get back to the United States We The People.
Gas here never went above $3.89.
Oh well- you should’ve voted for Harris because we know gas prices would be lower (LMFAO)...or maybe you should move to Indiana and save $$$$ on gas....
I’m retired and on a ‘fixed income’ and I can’t BELIEVE I was able to weather this storm and am still standing!
Every DAY for MONTHS NOW, I was told that since I had to put ALL of my money in my GAS TANK that I was going to STARVE to death and default on my mortgage. (I don’t have a mortgage and could easily go three months without a trip to the grocery store.) I would be living under a bridge...IF I were one of the Lucky Ones!
My pets were going to need to learn to forage at the dump and hunt small game for themselves; no more grocery-store high-end refrigerated dog and cat food for them - because *I* was going to have to be eating that, MYSELF!
My hair was going to fall out! I was going to go BLIND! My dentures would no longer fit! My toenails would begin to grow at a very rapid rate! Some REPUBLICAN in a SUIT was going to push me off a CLIFF in my Hover-Round!
I couldn’t afford to buy a tank of oxygen and I was going to SUFFOCATE on my own front porch!
The, ‘High Speed Rail Trains to Nowhere’ in all major cities would no longer be running. No busses, no taxicabs! Truckers would be going on strike and forming convoys! NASCAR would cancel all races, indefinitely! The ports would close and we couldn’t get our Dollar Tree cr@p from China!
I can’t believe I managed to survive all of this! This was WORSE than ‘The Great Depression’ that my Grandparents made it through! We were in worse shape these past few months than we were when we had to use Ration Cards in WWII! I even put in a ‘Victory Garden’ this spring because we were all. gonna. die!
And it was all President Trumps Fault...until it wasn’t.
*SMIRK*
This empire schtick just saddles me and my kids with six figure debt each, while we’re forced to borrow even more and give it to foreign countries and fight their enemies.
All the things Washington warned us about:
nothing is more essential than that permanent, inveterate antipathies against particular nations, and passionate attachments for others, should be excluded; and that, in place of them, just and amicable feelings towards all should be cultivated. The nation which indulges towards another a habitual hatred or a habitual fondness is in some degree a slave. It is a slave to its animosity or to its affection, either of which is sufficient to lead it astray from its duty and its interest. Antipathy in one nation against another disposes each more readily to offer insult and injury, to lay hold of slight causes of umbrage, and to be haughty and intractable, when accidental or trifling occasions of dispute occur. Hence, frequent collisions, obstinate, envenomed, and bloody contests. The nation, prompted by ill-will and resentment, sometimes impels to war the government, contrary to the best calculations of policy. The government sometimes participates in the national propensity, and adopts through passion what reason would reject; at other times it makes the animosity of the nation subservient to projects of hostility instigated by pride, ambition, and other sinister and pernicious motives. The peace often, sometimes perhaps the liberty, of nations, has been the victim.
So likewise, a passionate attachment of one nation for another produces a variety of evils. Sympathy for the favorite nation, facilitating the illusion of an imaginary common interest in cases where no real common interest exists, and infusing into one the enmities of the other, betrays the former into a participation in the quarrels and wars of the latter without adequate inducement or justification. It leads also to concessions to the favorite nation of privileges denied to others which is apt doubly to injure the nation making the concessions; by unnecessarily parting with what ought to have been retained, and by exciting jealousy, ill-will, and a disposition to retaliate, in the parties from whom equal privileges are withheld. And it gives to ambitious, corrupted, or deluded citizens (who devote themselves to the favorite nation), facility to betray or sacrifice the interests of their own country, without odium, sometimes even with popularity; gilding, with the appearances of a virtuous sense of obligation, a commendable deference for public opinion, or a laudable zeal for public good, the base or foolish compliances of ambition, corruption, or infatuation.
As avenues to foreign influence in innumerable ways, such attachments are particularly alarming to the truly enlightened and independent patriot. How many opportunities do they afford to tamper with domestic factions, to practice the arts of seduction, to mislead public opinion, to influence or awe the public councils.
Interesting only because you probably aren't into the market.
Prices we're seeing now have more to do with what types of and how much oil we can refine, Also how much we're selling overseas and many other factors will affect gas prices notwithstanding prices on futures markets. Brent crude goes mostly to Europe, we mostly produce WTI which, ironically, is not the majority of what we refine. We still import lots of oil and export refined product.
The actual physical market price paid is not what futures speculators pay. Physical spot is much higher right now on all types.
Also, note that you don't see the Trump admin bragging about all those "beautiful" ships coming through The Gulf to get our oil.
Someone forgot to tell them - before they opened their mouths - that all those buyers just added more upward pressure on prices
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