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Miami Herald
an hour ago
- Automotive
- Miami Herald
Summer gas prices haven't been this low since 2021
Summer road trips appear to be safe from a big spike in gasoline prices. The national average price of gasoline has hovered around $3.20 a gallon this week after Israel and Iran agreed to a ceasefire in a conflict that drew in the United States. The price of regular gasoline as tracked by AAA was only a few cents higher than the national average a month ago, before Israel began its attacks on Iran in an attempt to set back that country's nuclear program. And it is more than 20 cents lower than a year ago. The last time the cost for drivers was lower in late June was in 2021, when the pandemic depressed demand for the fuel. Gas prices are usually higher during the summer months, when demand rises as many Americans get in their cars for vacations and to see family. AAA expects that travel for the Fourth of July, which this year falls on a Friday, will be record-breaking. Next week, 72.2 million Americans are expected to travel domestically. AAA projects that nearly 62 million of them will do so in cars, 2.2% more than in 2024. 'People are still prioritizing the travel itself,' said Kellan Howell, a spokesperson for the motor club. 'Taking vacations, taking those trips, is still really important to a lot of Americans.' Oil prices, which play a big role in the cost of gasoline, jumped sharply after Israel attacked Iran, with the global oil price, known as Brent, jumping about 7%. But those prices fell this week and are more or less back to where they were before the attack. Brent closed around $65 a barrel on Thursday.. 'Assuming the ceasefire holds, there's no resumption of conflict, the gasoline prices should remain where they are,' said Robert McNally, an energy adviser to President George W. Bush who is now president of Rapidan Energy Group, a Washington research firm. 'President Trump desperately wants to avoid an oil price spike and just close down the war,' McNally added. Even with the sudden increase this month, oil is trading roughly in line with previous summers. This year, the cost of crude oil had been kept low in part because the OPEC+ oil cartel has announced plans to increase production. This article originally appeared in The New York Times. Copyright 2025
Boston Globe
11 hours ago
- Automotive
- Boston Globe
Summer gas prices haven't been this low since 2021
The last time the cost for drivers was lower in late June was in 2021, when the pandemic depressed demand for the fuel. Gas prices are usually higher during the summer months, when demand rises as many Americans get in their cars for vacations and to see family. Advertisement AAA expects that travel for the Fourth of July, which this year falls on a Friday, will be record-breaking. Next week, 72.2 million Americans are expected to travel domestically. AAA projects that nearly 62 million of them will do so in cars, 2.2 percent more than in 2024. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up 'People are still prioritizing the travel itself,' said Kellan Howell, a spokesperson for the motor club. 'Taking vacations, taking those trips, is still really important to a lot of Americans.' Oil prices, which play a big role in the cost of gasoline, jumped sharply after Israel attacked Iran, with the global oil price, known as Brent, jumping about 7 percent. But those prices fell this week and are more or less back to where they were before the attack. Brent was trading around $67 a barrel Wednesday. Advertisement 'Assuming the cease-fire holds, there's no resumption of conflict, the gasoline prices should remain where they are,' said Robert McNally, an energy adviser to President George W. Bush who is now president of Rapidan Energy Group, a Washington research firm. 'President Trump desperately wants to avoid an oil price spike and just close down the war,' McNally added. Even with the sudden increase this month, oil is trading roughly in line with previous summers. This year, the cost of crude oil had been kept low in part because the OPEC+ oil cartel has announced plans to increase production. This article originally appeared in .
New York Times
13-06-2025
- Business
- New York Times
Oil Prices Could Climb Higher if Mideast Tensions Escalate
Oil prices, which surged after Israel attacked Iran early Friday, could stay high as long as tensions are elevated in the Middle East. Higher oil prices could eventually lead to more expensive gasoline and diesel, hurting consumers and businesses and throw a wrench into the Trump administration's goal of lowering energy costs to keep inflation in check. The benchmark U.S. crude oil price was about $72 a barrel late Friday morning in the United States, up about 6 percent. Prices briefly topped $77 a barrel shortly after the attack began. Notes: Data shows future contract prices for West Texas Intermediate light sweet crude oil. Data delayed at least 15 minutes. Source: FactSet By The New York Times Notes: Data shows future contract prices for West Texas Intermediate light sweet crude oil. Data delayed at least 15 minutes. Source: FactSet By The New York Times Where oil prices go from here depends on how Iran responds to the Israeli attacks, analysts said. Prices could climb further if Iran attacks energy infrastructure or U.S. bases in the region. But if it retaliates in a more limited fashion, oil prices most likely would fall in the coming weeks. Either way, U.S. oil companies and big producers in the Middle East like Saudi Arabia are not likely to ramp up production quickly, said Robert McNally, who is president of the Washington research firm Rapidan Energy Group and was an energy adviser to President George W. Bush. Want all of The Times? Subscribe.
