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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...

This week, Lee Zeldin’s EPA announced “approving nationwide E15,” pitching it as “fortifying the domestic fuel supply.” What that means exactly is that the federal government will allow more stations to cut gasoline with ethanol, which, yes, makes it cheaper, but it also yields less power and worse fuel economy in your engine.

MADISON, WI - Gas prices are up more than 50% since the war with Iran began, pushing more Americans to rethink how they get around. Public transportation is seeing a noticeable bump: Amtrak reports a 5% increase in passengers in March compared to a year ago. With jet fuel costs climbing and airfares rising about 15%, long-distance travelers are especially drawn to bus trips right now. Trailways, the largest network of bus companies in the U.S., saw a 5% increase in March year-over-year. Trailways President Alex Berardi confirms the increase is related to gas with the accelerated numbers in April,...

U.S. gasoline inventories are on pace to drop to historical seasonal lows by late summer, further straining a tight fuel market upended by the war in Iran. Stockpiles are expected to fall below 200 million barrels by the end of August, Morgan Stanley analysts wrote in a May 4 note. The projections for record seasonal low fuel inventories are the latest indication that the global energy supply crunch appears set to continue for months to come. “The U.S. gasoline market is genuinely tight and tightening further into summer,” Morgan Stanley analyst Martijn Rats and strategists Charlotte Firkins and Amy Gower...

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...

California drivers could be seeing lower gas prices once a new mega-pipeline project reaches completion, flooding the state with the much needed black gold. In a recent joint announcement, Phillips 66 and Kinder Morgan, Inc. said its Western Gateway Pipeline project was moving forward following the closure in the state of multiple refineries. “Customer response during the open season underscores the importance of Western Gateway in addressing long‑term refined products logistics needs in the region,” Phillips 66 Chairman and CEO Mark Lashier said. Once fully operational, the massive pipeline will stretch from St. Louis, MO. to California, and be able...

California’s gasoline market is entering a period of acute supply shortages directly attributable to prior refinery closures, and the long-term systemic decline in in-state crude oil production which have been further exacerbated by the ongoing war in the Middle East. For California, there is a clear trajectory toward increasing supply deficit conditions through April and a high probability of physical shortages by May accompanied by consumer price increases at the pump.

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...

The abortive interruption of Russian natural gas supplies to Ukraine on January 1 was a humiliating diplomatic blunder. It was an unnecessary crisis, and one that Russia clumsily lost in the court of world public opinion. While Ukraine was threatened with a gas blockade, Russia was voluntarily submitting itself to a two-week information blockade. The entire country was given a holiday from January 1 to 10, with even the newspapers shuttered. The political class fled to their holidays in the sun, and none of the usual Kremlin spin-doctors were deployed to staunch the flood of Western criticism. The Russian case...

More than 500 service stations across Australia are now without one or more types of fuel, according to the federal government, despite fuel continuing to flow into the country. In a state-by-state update before federal parliament on Tuesday, March 24, Minister for Climate Change and Energy Chris Bowen said that New South Wales had the highest number of affected sites, with at least 289 service stations without either diesel or petrol, including 164 out of diesel specifically. In Victoria, 162 service stations had run out of one or more fuel types, with Victorian Energy Minister Lily D’Ambrosio telling ABC Radio...

Oil giant Chevron will begin purchasing oil from Sable Offshore Corp., the Houston-based company announced Tuesday. The dramatic move comes amid a legal battle between California and the Trump administration. The petroleum corporation plans to purchase an initial 20,000 barrels of oil per day from offshore platforms near Santa Barbara, just weeks after the federal government approved the restart of production, Bloomberg reported. The move is a boost for Sable, which has faced strong environmental opposition to resuming operations in California waters. “We’re going to run Sable’s crude at El Segundo in April,” Chevron executive Andy Walz told the outlet,...

The Irish Government is to cut excise duty on petrol and diesel to help people with volatile fuel prices. The proposals were agreed at a leaders’ meeting on Monday evening and will be brought to Cabinet on Tuesday for approval. The Government will cut excise duty on diesel by 20 cent and petrol by 15 cent from midnight on Wednesday until end of May. A diesel rebate scheme for hauliers and bus operators is also expected, which will be backdated. The Fuel Allowance, a payment of €38 a week to help with heating costs from late September until April, is...

California’s petroleum market watchdog is warning about price gouging at some gas stations charging over $7 or even $8 a gallon as the Iran war sends oil prices soaring. The average price of gas in California is currently $5.66, but as of Friday, a Chevron station in Essex is charging $9.69, another in Los Angeles’ Chinatown is charging $8.71, and one in Vidal Junction is charging $7.79, according to GasBuddy, which tracks prices across the country. “Our team is vigilantly monitoring the retail, wholesale, and spot markets,” said Tai Milder, director of the California Energy Commission Division of Petroleum Market...

The Pentagon and National Security Council significantly underestimated Iran’s willingness to close the Strait of Hormuz in response to US military strikes while planning the ongoing operation, according to multiple sources familiar with the matter. President Donald Trump’s national security team failed to fully account for the potential consequences of what some officials have described as a worst-case scenario now facing the administration, the sources said. And now it may be weeks before the administration’s efforts to alleviate the intensifying economic fallout take hold, officials said Thursday, including high-risk naval escorts of oil tankers through the strait that the Pentagon...

President Donald Trump on Tuesday announced America First Refining (AFR) is opening the first new U.S. oil refinery in nearly half a century in Brownsville, Texas. Situated in a massive deep-water foreign trade zone, the project will leverage advanced infrastructure and strategic rail and sea connections to transport low-carbon fuels and other energy products. "America is returning to REAL ENERGY DOMINANCE!" Trump wrote in an announcement on Truth Social. "THIS IS A HISTORIC $300 BILLION DOLLAR DEAL — THE BIGGEST IN U.S. HISTORY, A MASSIVE WIN for American Workers, Energy, and the GREAT People of South Texas!"

After Jill Gottlieb finished filling up her car at a Chevron station in downtown Los Angeles, the final tally on the gas pump read $107. “This is crazy,” the social worker for the LA County Department of Health told The Post of the staggering amount she paid to top off her 2017 Mercedes. “I’ve never filled up my tank for this much before.” As gas prices surge across the state, the Chevron station at 901 N. Alameda St. has become a stark symbol of the worsening pain at the pump plaguing Californians. A regular gallon of unleaded gas at the...

California is increasingly importing gasoline through the Bahamas — a workaround to a 106-year-old US shipping law that forces domestic fuel shipments onto costly American vessels. More than 40% of the gasoline California imported in November was routed through the Caribbean hub, a record high which comes as drivers in the state are paying an average of $4.58 per gallon, the most in the country, according to Bloomberg News. Gasoline refined along the US Gulf Coast — primarily in Texas and Louisiana — is first shipped roughly 1,100 to 1,300 nautical miles to Freeport in the Bahamas, where it is...

In 2014, California passed a bill mandating that all gasoline storage tanks in the state of California be upgraded from single wall tanks to double wall tanks. The law will go into effect on January 1, 2026. As a result of this law, across the state 473 gas stations will close. The law was passed because the single wall tanks during an earthquake would crumble, and then the gasoline would seep into the groundwater or the soil contaminating it. While the law sounds reasonable, the average cost to upgrade a gas station from a single wall tank to a double...

The EU looks set to scrap a landmark 2035 ban on new petrol and diesel cars on Tuesday, as part of a package of reforms aimed at supporting Europe's embattled auto industry. Carmakers and their backers have lobbied hard for Brussels to relax the ban over the past year – in the face of fierce competition from China and a slower-than-expected shift to electric vehicles (EVs). Set in 2023, the ban was a cornerstone of the EU's environmental Green Deal, which has come under increased pressure from businesses and right-wing politicians as the EU seeks to bolster its industry.

Russian Gasoline Prices