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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...

Americans are staring at $4+ gas and asking a simple question that should have a simple answer. If the United States is the largest oil producer on Earth, why does it still feel like an oil-importing country every time prices spike? That question matters far beyond the gas station. It cuts straight into inflation, consumer behavior, Fed policy, and where capital flows next. What looks like a pricing anomaly is actually a structural reality that investors ignore at their own risk.This Was Supposed to Be the Easy PartGasoline prices have climbed to an average of roughly $4.26 per gallon, the...

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...

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...

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...

President Donald Trump dismissed concerns about rising gas prices, insisting they’ll be dropping “very soon” once the Iran war wraps up. Trump spoke to reporters at the White House on Tuesday after signing an executive order cracking down on mail-in voting, and when confronted about the sharp rise in gas prices since the strikes against Iran were launched, the president insisted the U.S. will be leaving Iran “very soon.” According to AAA, the national average for gas is around $4. One month ago, it was below $3. The country hasn’t faced a $4 average for gas since 2022, when Russia...

The global energy shock triggered by the ongoing Iran war is rippling through the United States farm sector, where soaring input costs are placing US farmers under severe financial strain and raising concerns about future food prices... The closure and instability around the Strait of Hormuz, a critical artery for global oil and fertilizer shipments, have pushed fuel prices sharply higher and tightened supplies of key agricultural inputs. The result is a double blow for US farmers already dealing with tight margins. Higher input costs reduce profitability, while uncertainty about supply availability complicates planting decisions. In some cases, farmers are...

Iran has likely earned $139 million per day by selling its flagship Iran Light crude so far in March, according to Bloomberg calculations based on export estimates by Tankertrackers.com and prices for Iranian Light. The estimated daily revenues were nearly $25 million higher compared to the average of $115 million daily proceeds from Iranian Light in February, according to Bloomberg's calculations. Iran is benefiting in several ways from the Hormuz crisis. First, its tankers are transiting the Strait of Hormuz while most other Gulf oil supply is still trapped. Then, the massive supply shock from the Middle East has hiked...

Judging by Donald Trump’s outbursts of late, he can’t seem to decide whether reopening the Strait of Hormuz is easy or hard. He also can’t seem to decide whether he needs international allies to help with this urgent task or not. Iran’s blockade on oil shipments exiting the strait—done in response to Trump’s attack—is causing worsening global consequences daily. So it would be useful for Trump to settle these arguments in his own mind already. But Trump’s incoherence on the Strait of Hormuz actually reveals something else, as well: a massive political weakness. .....

Missiles caused 'extensive damage' in Qatar hours after Iran threatened to wage a 'full scale economic war' by attacking energy facilities across the Middle East. Video showed huge explosions in Ras Laffan - the world's biggest natural gas plant - as well as Saudi Arabia's capital Riyadh.Energy sites in Saudi Arabia, the United Arab Emirates and Qatar were evacuated after Tehran warned it would hit them with strikes in 'the coming hours'. Abu Dhabi authorities suspended operations at two of its sites, the Habshan gas facility and at the Bab oil field, after being hit with fallen debris from successful...

This morning I went to buy gas in Los Angeles. The price at the pump per gallon was as follows:Unleaded ... $5.3999Plus ... $5.4999Premium ... $5.5999Yet some people here are complaining about gas in their states being $3.50 or $3.60.

If you've been following coverage of the Trump administration's military action against Iran, you've probably noticed something: A lot of people are determined to convince you that the United States is losing. They're wrong. Even worse, many of them know they're wrong. Critics across the political spectrum — from Democrats to elements of the so-called horseshoe Right — are pushing narratives that paint the conflict as a disaster in the making. The goal is simple: Undermine public confidence and turn what is shaping up as a strategic success into a perceived failure. Three particular claims are circulating widely. All three...

🚨 HOLY CRAP! Trump Interior Sec. Doug Burgum MIC DROPS Gavin Newsom after Gavin blames Trump for his nearly $7 gas prices "That is SOMETHING coming from California! Under Newsom, California used to have 40 refineries. Now they have 8, 2 MORE are CLOSING!" "They're going to be down to 6 with Chevron and Valero closing!" "California is the most energy dependent state in America. 63% of their oil gets imported." "Now they're going to be importing refined product into San Francisco Bay and into Long Beach every day, just to keep their fleet." "They have the largest number of...

Donald Trump's chief of staff Susie Wiles is demanding action to bring gas prices down as the war with Iran sends oil skyrocketing, sources have revealed. Energy Secretary Chris Wright and other top officials, including a council led by Interior Secretary Doug Burgum, 'are getting screamed at to find some good news', industry executives said. Iran has shut the Strait of Hormuz, through which a fifth of the world's oil flows, sending prices soaring more than 10 percent in a single week, with Brent crude jumping from $72 to more than $82 a barrel. The average gas price jumped 11...

California’s already sky-high gas prices are expected to surge after Valero abruptly shuttered its Benicia refinery amid a spiraling “oil crisis,” a new report claims. The Benicia refinery began shutting down on Saturday, four months earlier than planned, a former Valero manager told the California Globe Tuesday. US gas prices: national average of $2.883 with California's average at $4.368, and a legend for retail prices ranging from $2.370 to $4.404. The closure will cause the state’s already sky-high gas prices to soar, a new report said. Thermal imaging showed the facility went cold as the Crimson Pipeline – which transports...

Less than 1 percent of Democrats say they are satisfied with the direction of the country, according to a new Gallup poll. Why It Matters This is the lowest level of satisfaction among Democrats in at least 25 years, according to Gallup's polling, and it comes at a time when Republican satisfaction is near record high levels. The polling shows that Democrats' satisfaction with the direction of the country quickly dropped after President Donald Trump, a Republican, returned to office in January, while GOP supporters' satisfaction spiked. According to Gallup, 31 percent of Americans currently say they are satisfied with...

Conservative activist Scott Presler is sounding the alarm for Republicans, warning that unless the party immediately changes its strategy, November could bring devastating losses. In a late-night video, Presler said he wasn’t trying to spread doom and gloom, but reality. “I’m not here to bring you a happy video. I’m here to give you a dose of reality,” he began. "I'm here to tell you, Republicans are gonna lose everything this November unless we change things and quickly." Presler pointed to three key battlegrounds—Virginia, New Jersey, and Pennsylvania—where Republicans are in danger of losing everything. “You’re gonna lose the governorship...

President Donald Trump made a promise at a reception last week for Republican lawmakers that was as impossible as it was specific: He would drive down drug prices by as much as 1,500 percent — “numbers that are not even thought to be achievable,” he said. A price cannot drop by more than 100 percent, but Trump went on to make several other precise but clearly false numerical claims. The cost of gasoline had fallen to $1.99 a gallon in five states, he said; according to AAA, it was over $3 in every state. Businesses had invested $16 trillion in...

Gas prices often increase in the summer as more motorists hit the road, but this year’s pump prices have dropped to match the summer of 2021, the last time seasonal gas prices were this low. The national average is down about 3 cents per gallon from last week, returning to the price from a month ago, $3.16. One year ago, gas prices were at $3.574. Gas prices were also at a four-year low on Independence Day. The White House is attributing the phenomenon to President Donald Trump’s energy agenda, which Energy Secretary Chris Wright told The Daily Signal can be...

Two large California oil refineries are shutting down, triggering mounting concerns from state legislators, industry groups and many others.Assemblymember Mike A. Gipson of the Gardena district bluntly described his concern during a recent Sacramento hearing.“This is a tremendous loss,” Gipson told NBC Los Angeles, referring to the looming closure of the Phillips 66 plant near L.A. "The jobs that it holds, the individuals… working each and every day, those individuals live in my district, they shop in my district, they add to the economy in my district."Shutting down refinery powerhousesThe Phillips 66 and Valero’s Benicia sites are set to close...