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President Trump has reportedly told his aides to prepare for a prolonged US blockade of the Strait of Hormuz, the world’s most critical waterway for global energy flows. On Wednesday, the president told Axios he is maintaining the blockade until Iran agrees to a deal over its nuclear program. The pressure campaign carries mounting costs beyond Iran. While the near-total cessation of flows through the key waterway is cutting off hundreds of millions of dollars in revenue for Tehran, it’s also choking key corners of the global market. By extending the blockade, Trump is wagering that Iran’s export-dependent economy will...

But the deepest of the Finger Lakes hides secrets down below. Many have heard what can only be described as cannon shots coming out of nowhere. Known as “Seneca guns” or “Seneca drums,” the phenomenon was thought by the local Seneca Tribe to be the bellowing shouts of Manitou, the Great Spirit, when he was angry. Later, European settlers thought they were hearing ghosts of Seneca warriors still fighting for their land as the ground turned red with blood. It also inspired James Fenimore Cooper to write his short story The Lake Gun, in which he observes: “A sound resembling...

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...

A natural gas explosion destroyed a residential building in the Oak Cliff area of Dallas, injuring at least four people on Thursday afternoon, Dallas-Fire Rescue confirms. Sources tell NBC 5 that 23 people lived in the building and officials said 12 residents have been accounted for. DFR told NBC 5 they were called to a large 3-alarm fire triggered by a gas explosion at a residential building located in the 400 block of E. 9th Street shortly before 1 p.m. At about 2:20 p.m., the fire was increased to four alarms, and by 3:23 p.m., to five alarms. NBC 5...

Washington — President Trump said in a phone interview with CBS News Monday morning that he aims to suspend the federal gas tax "for a period of time." "I think it's a great idea," the president said. "Yup, we're going to take off the gas tax for a period of time, and when gas goes down, we'll let it phase back in." Gas prices have soared over 50% since the start of the Iran war on Feb. 28, hitting a high of over $4.52 on Sunday, according to AAA. Analysts say the prices are likely to remain high with Iran...

There have been persistent rumors that industry insiders are bracing for a widespread shortage of motor oil. Are these rumors accurate? I decided that I was going to investigate this and discover the truth. Unfortunately, I have very bad news. Multiple sources within the industry are confirming that we are facing much higher prices and physical shortages of certain products if the Strait of Hormuz is not reopened soon.I realize that what I have just shared is not welcome news, but it isn't going to do any good to stick our heads in the sand.According to Axios, supply chains for...

Peru has decided to tap its fuel reserves to protect domestic supply and contain the impact of what is already being described as the country’s worst energy crisis in the last 20 years, following a gas pipeline rupture that severely disrupted the national energy system. The measure was announced by Prime Minister Denisse Miralles, as authorities moved to respond to the emergency triggered by the shutdown of a section of pipeline operated by Transportadora de Gas del Perú (TGP) in the Megantoni district. The incident led to restrictions in gas deliveries to industrial users and the power sector, while the...

WASHINGTON — President Trump called Monday for the temporary suspension of the federal gas tax to give Americans relief at the pump amid surging oil prices caused by the crisis in the Strait of Hormuz. “I think it’s a great idea,” Trump told CBS News during a brief phone interview. “Yup, we’re going to take off the gas tax for a period of time, and when gas goes down, we’ll let it phase back in.” Gasoline has been taxed at 18.4 cents per gallon since the 1990s to generate up to $40 billion in annual revenue for the Highway Trust...

In case of any doubt about Norway’s commitment to maintain – and expand – its production of gas and oil offshore, the energy minister, Terje Aasland, has a pithy response: “We will develop, not dismantle, activity on our continental shelf.” This week, to the alarm of environmental campaigners, he announced that three gasfields off the country’s southern coast would reopen by the end of 2028 – nearly three decades after they closed – to meet a shortfall caused by the impact of the war in Ukraine and disruption to supplies from the Middle East. The decision will help keep gas...

Gov. Gavin Newsom on Friday once again shut down the idea of a possible gas tax holiday as gas prices in the state climb near record highs and as experts suggest it's something lawmakers could do to help consumers. "Is Donald Trump promoting that? Why isn't Donald Trump providing a federal gas tax holiday?" the governor said when KCRA 3 asked him if he would consider the holiday.

The national retail average for a regular gallon of gas was $4.457 on Monday. That's a 1-cent increase from Sunday, according to the American Automobile Association, and 35 cents more than last Monday. At this time last year, a gallon of gas was $1.29 cheaper. The surging prices seemed to stabilize or even decrease for about two weeks, following a temporary ceasefire agreement between the U.S. and Iran that has been indefinitely extended. However, the Strait of Hormuz, a vital shipping route where roughly a fifth of the world's oil passes, has effectively remained closed or extremely limited to passage...

World map of gasoline prices…..Germany 9.36, France 8.80, Russia 3.30, Hong Kong 15.36…..

President Donald Trump pushed back Monday on his own energy secretary's claim that a return to $3-a-gallon gas will not come through the end of the year. "No, I think he’s wrong on that, totally wrong," Trump told The Hill on Monday, when asked about Energy Secretary's Christopher Wright's interview with CNN's "State of the Union" on Sunday. Trump remains steadfast in his conviction that gas prices in America are going to drop precipitously "as soon as this ends," referring to the oil blockade in the Strait of Hormuz... "The blockade is very powerful, very strong," Trump added to The...

American multinational energy corporation Chevron is now importing an average of 250,000 barrels of Venezuelan crude oil per day into the United States, the BBC reported Tuesday.According to recent reports, Venezuela’s monthly crude oil exports have once again surpassed one million barrels per day. Andy Walz – president of downstream, midstream, and chemicals at Chevron – confirmed to the BBC that the company is importing the equivalent a quarter of a million barrels of Venezuelan oil per day. The BBC detailed that the crude oil tanker Minerva Gloria recently docked at a wharf in the Mississippi sound, carrying 400,000 barrels...

News of the temporary ceasefire between the United States and Iran immediately sent oil prices tumbling. Within minutes of President Donald Trump announcing an agreement had been reached, crude oil prices had fallen below the $100 mark. About an hour after the announcement, the price of oil had dipped all the way into the $91/barrel range before working its way back up. As of 9 p.m., crude oil was trading around $97/barrel, which was still a $20 drop from its intraday-high. The big question that will be on the minds of drivers will be whether this decline, if it holds...

Asian nations - most recently the Philippines - have been particularly keen to reach agreements as their economies are heavily reliant on energy from the Gulf. In recent weeks - several Asian countries including Pakistan, India and the Philippines - have made agreements with Tehran to let some ships pass through the strait safely. China has also acknowledged that their vessels have also used the channel. Questions remain over the scope of these assurances and just how lasting these agreements with Iran will be. The Philippines imports 98% of its oil from the Middle East and was the first country...

June Lake is part of Mono County, which has the highest average gas price in the United States. “My husband and I were watching the news this morning, and it came on about $4 gas and I said, ‘Well, where are you? Ours is $7.50!’” she said, citing the price at the only gas station in her town.

Orbán Viktor@PM_ViktorOrbanA severe energy crisis is approaching, accelerating day by day. The European economy is threatened by energy shortages and, as a result, rising prices.This morning, I discussed our next steps with Prime Minister @RobertFicoSVK. April 4, 2026

There’s no doubt that oil prices have gone up since the war began. However, there’s also no doubt that they’re nowhere near as high as they’ve been in the not-so-distant past, including just a few short years ago during Joe Biden’s presidency. In California, as well, the prices far exceed those of any other state. ChatGPT collated the prices for me:AdvertisementHow in the heck did California’s fuel prices get so high?AdvertisementAn essay at the Marin Independent Journal provides some insight for its local readers, leading with the equivalent of “it’s mostly Trump’s fault.” However, what struck me about the essay...

If the United States is the world’s largest oil producer—in fact, if we are energy independent—then why are we still at the mercy of global events? And how can prices spike instantly when the gasoline in the tank was made from cheaper oil weeks ago? People like easy answers, such as “corporate greed.” That is emotionally satisfying, but it doesn’t tell the full story. What’s happening is a function of global markets, supply chain realities, and predictable patterns in consumer behavior. In fact, much of what we’re seeing is exactly how the system is designed to work. The U.S. leads...