Gas prices cool heading into July 4th weekend. What about the rest of summer?
In fact, national gas prices during the July 4 weekend could reach their lowest level of any July 4 weekend since 2021, according to gas station price-tracking website GasBuddy.com
The average cost of a gallon of gas was $3.16 in New Jersey on July 1, down a penny from $3.17 the day before, said travel club AAA.
Any price increase for oil has been 'virtually evaporating' following spikes from Israeli and U.S. strikes on Iran, as well as counterstrikes from the Persian Gulf nation, AAA added.Patrick De Haan, head of petroleum analysis at GasBuddy.com, agreed. 'The national average price of gasoline has resumed its decline, with falling prices driven by easing tensions in the Middle East — just weeks after those same tensions had pushed prices higher,' De Haan said.
As of July 1, West Texas Intermediate Oil, also known as WTI crude oil — the most common in the U.S. — was trading at just over $65 a barrel, down from $73 a barrel on June 17 at the peak of Iran-Israel hostilities.
Even before the bump up in price caused by the Iran-Israel conflict, costs at the pump had been rising thanks to the annual heightened demand from summer travel, Mark Schieldrop, a spokesperson for AAA Northeast, previously told NorthJersey.com
There are a few wildcards that will help determine the price of gas over the rest of the summer, said De Haan of GasBuddy.co.
For one, there's hurricane season, with the possibility of a major storm disrupting the national oil supply chain and making prices for gas more expensive.
Plus, tensions in the Middle East could once again flair up, pushing up oil prices and leading to more costs at the pump for motorists, De Haan noted.
In June, when tensions between Iran and Israel were higher, concerns were particularly focused on the Strait of Hormuz, a narrow waterway through which 20% of the world's oil travels, according to the U.S. Energy Information Administration.
At its narrowest point, the strait is only 21 miles across, flanked by Iran to the north and Oman to the south.
A naval blockade of the strait by any party in the region could upend the global oil market and raise oil and gas prices, the EIA warned.
Iran's nuclear program was severely hit by U.S. bomb strikes but did not face total damage, and the program could be up and running again within months, the U.N.'s nuclear watchdog chief said on June 29.
President Donald Trump has taken a different stance, saying the strikes have completely destroyed Iran's nuclear sites.
This article contains material from USA Today
Daniel Munoz covers business, consumer affairs, labor and the economy for NorthJersey.com and The Record.
Email: munozd@northjersey.com; Twitter:@danielmunoz100 and Facebook
This article originally appeared on NorthJersey.com: Gas prices cool heading into July 4th weekend
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