Gas/Oil prices

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⛽ Charted: Cheapest Labor Day gas in years

Data: U.S. Energy Information Administration. Chart: Axios Visuals Average gasoline prices over Labor Day weekend will be lower than in recent years, Axios Generate author Ben Geman writes. Why it matters: Lots of people drive over the holiday weekend, and consumer costs will be a battleground in the midterm elections. The national average price is projected to be $3.15 per gallon — the lowest Labor Day price at the pump since 2020.

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⛽ Holiday gas break

Data: U.S. Energy Information Administration. Chart: Axios Visuals Average gasoline prices are now hovering around $3 per gallon — and could stay there for the holidays, Axios Future of Energy co-author Ben Geman writes. Why it matters: The White House and GOP officials are on a PR offensive to tout gasoline prices that — depending on how you slice the data — are at their lowest since May 2021 or last December. GasBuddy reports that "barring any major disruptions, gas prices are likely to remain slightly below year-ago levels and could stay under $3 for much of the next few months." ? The intrigue: Costs to fill up gasoline tanks vs. keeping the lights and heat on at home are moving in opposite directions. The Energy Department's independent stats arm projects that residential electricity costs will average 4.8% more this winter than the 2024-2025 cold season. Go deeper: Energy politics get interesting as gas prices drop, electric bills rise.

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?️ Why oil isn't skyrocketing

Data: Financial Modeling Prep. Chart: Axios Visuals Oil prices are generally falling this week despite the U.S. seizure of a tanker off Venezuela's coast, saber rattling about doing it again, and Ukraine hitting a Russian tanker in the Black Sea, Axios' Ben Geman writes. ? Geopolitical strife usually sends prices upward, especially when oil and its producers are involved. So what's going on? ? First, there's a global supply surplus. In a tighter market, these events might have more impact. ?? Second is Venezuela's reduced stature in global oil markets. It's now a minor exporter, following years of sanctions. ? Third, oil traders have changed their mindset. Traders increasingly want evidence of actual and continued disruption — not just vague potential — to send prices soaring. ? Eurasia Group analyst Gregory Brew says oil's resilience has "made it more likely for actors (such as the U.S.) to take actions against oil flows, since there is now a presumption that such actions are less likely to affect prices." "That helps explain why the U.S. is seizing tankers, why the U.S. has given a green light to Ukraine to attack Russian tankers, and could be why the U.S. decided to sanction Russian oil companies in October after resisting that move for 10 months." Go deeper ...

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Volatile Barrels

What's the impact of the oil markets? Oil markets are a complex global system of producing, distributing, trading, and pricing petroleum products used to make diesel, jet fuel, solvents, and more. For investors, the system of trading oil contracts offers financial access to the industry without actually having to take possession of any barrels. Traders buy and sell financial contracts, betting on future price changes of the commodity based on fluctuations in supply and demand.   These complicated and expensive investments aren’t realistic for most retail investors. Instead, these investors can gain exposure to oil markets by putting money into exchange-traded funds focused on the energy sector, or by buying oil company stocks. Oil can help diversify a portfolio beyond more traditional investments such as stocks and bonds, often acting as a hedge against inflation due to rising energy costs.   Predicting oil prices is a complicated business, as they’re sensitive to geopolitical events. For instance, in 2022, Russia’s invasion of Ukraine disrupted the market, with oil prices spiking significantly. ... Read our full write-up on oil markets here.   Also, check out ...  > Oil has historically played a pivotal role in politics and imperial strategies. (Listen) > The US is the world's top producer of oil. (View) > Crude oil is used to create fuel like gasoline, heating oil, and more. (Read) > The number of annual oil spills has dropped dramatically since the 1970s. (View)

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♨️ Natural gas squeeze

Data: Financial Modeling Prep; Chart: Axios Visuals The looming winter storm is causing energy prices to skyrocket, with hundreds of millions of people potentially being plunged into historic cold. Natural gas prices are already up more than 60% this week, pacing for one of the biggest weekly gains on record. ? Zoom out: It's not just that it's going to be cold — where the cold hits is a major factor. The National Weather Service expects wind chills below zero as far south as Texas between now and Monday. ? What to watch: The NWS says "much below normal" temperatures are possible for a big chunk of the country through early February, which could drive energy prices higher still. Go deeper: Utility companies brace for outages.

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⛽ Coming pain at pump

Data: EIA. Chart: Axios Visuals The cost to fill up your car will probably climb soon — and the oil price spike over Iran tensions isn't the only reason, Axios' Ben Geman writes: A seasonal cost rise typically starts at the end of February or early March as spring-break season kicks off and refiners start producing costlier fuel.

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📈 Oil barrels past $90 — with more gains ahead

Data: Financial Modeling Prep; Chart: Axios Visuals Oil and gas prices are heading upward again today, Axios' Ben Geman reports. Ships avoiding the Strait of Hormuz near Iran, and military threats to regional infrastructure, are shocking oil and natural gas markets. Eurasia Group analysts said in a note: "Oil and [liquefied natural gas] prices will continue climbing until credible measures enable resumed shipment through the strait." 🛢️ Brent crude oil — the global benchmark — topped $90 this afternoon, up about 25% since the Iran war began last Saturday. ⛽️ U.S. average regular gas prices are up 32¢ a gallon this week to $3.32, per AAA. Gas prices rose 10.8% over the past four days — the largest spike since Hurricane Katrina in 2005, Schwab analyst Kevin Gordon says. 🇮🇳 🇷🇺 The Trump administration is trying to temper the shock, including through a 30-day sanctions waiver that lets Indian refiners buy more Russian oil. Energy Secretary Chris Wright told "Fox & Friends" this morning that it'll take "weeks, not months" for gas prices to decline. Go deeper. ps:Gas prices here that used to go up 20 to 30 cents every few weeks and than go down have gone up almost every other day now for the last week!!

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🛢️ Crude awakening

Data: Financial Modeling Prep. Chart: Axios Visuals Oil and gas prices marched up again yesterday, even as Trump administration officials seek ways to get more barrels into the market, Axios' Ben Geman reports. ING analysts said in a note: "The only way for prices to come down on a sustained basis is a resumption of oil flows through the Strait of Hormuz."

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Oil prices

As the war spreads across the Middle East, the price of oil has surged past $100 per barrel for the first time since Russia’s 2022 invasion of Ukraine. President Trump, in a social media post, called surging oil costs a “very small price to pay.” However, traders are worried that the war in Iran will lead to prolonged restrictions on the flow of oil around the globe. In the US, diesel fuel prices are rising more rapidly than regular gas, which affects more Americans – even those who don’t own diesel-powered vehicles.

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Why gas prices are skyrocketing

Map: Sara Wise/Axios The Iran war is spotlighting the global economy's reliance on the Strait of Hormuz, Axios' Nathan Bomey reports. Hormuz connects the Persian Gulf with the Arabian Sea, and waters and ports beyond. It's a critical chokepoint for commodities like oil, gas, plastic and fertilizer. Iran has threatened vessels in the strait, which flows along part of the country's southern coast — effectively shutting it down to commercial shipping. 📈 Average U.S. gas prices are up 17% since the war began, per the Oil Price Information Service. Today's national average for a gallon of regular is $3.48. Gulf Oil analyst Tom Kloza says gas could hit $4/gallon this week if the strait remains closed. Futures for Brent crude — the global benchmark — flirted with $110 per barrel this morning, before settling back to around $95 by midafternoon. Data: Oil Price Information Service. Chart: Axios Visuals Between the lines: Americans were already fed up with high prices, Axios' Courtenay Brown writes. The effects of a widening conflict will ripple across the economy, with uncertainty about how high prices will rise and how long the surge will last. Go deeper. Reality check: Angelo Kourkafas, senior global strategist for investment strategy at Edward Jones, reminds us that "geopolitical shocks typically have short‑lived market effects." "For instance, [West Texas Intermediate] peaked just 10 days after the Israel-Iran conflict in the summer of 2025, and roughly three months after Russia's invasion of Ukraine." 🔮 Yet it's unclear how long the Iran war might last. ✈️ Some industries — shipping, aviation, utilities — are bracing for a potentially lengthy surge in oil prices. ⚓️ Even the Trump administration's pledge to escort ships through the strait may not help, given the sheer volume of energy normally flowing through it. Vessels navigating Hormuz are also hard to defend, given that designated shipping lanes allow for easy targeting. Go deeper.

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Gulf Oil Squeeze

Oil prices whipsawed yesterday, rising to roughly $120 per barrel—the highest since Russia's 2022 invasion of Ukraine—before retreating below $100. The swing came as traders reacted to the expanding war in the Middle East and signs that governments may step in to stabilize energy markets.  The conflict, involving the US, Israel, and Iran, has disrupted oil production and tanker traffic across the region, especially in the Strait of Hormuz (see visual explainer), through which 20% of the world’s oil passes. Saudi Arabia, Iraq, and the UAE are among producers that have reduced output amid the fighting, prompting traders to bid up oil futures (contracts to buy oil at a set price in the future) in anticipation of shortages. Prices later retreated after reports that the US and the Group of Seven nations may release emergency oil reserves if prices keep climbing. Explore the best resources we've curated on oil markets here. For consumers, the impact could mean higher gas prices (track here) and heating costs. Analysts warn that sustained high oil prices could push inflation higher and slow economic growth. Separately, President Donald Trump held a news conference yesterday on war updates; see takeaways.    Gas prices Oil prices remain volatile and well above their levels before the war with Iran started, but they did fall sharply earlier today after Trump said the conflict would be over “very soon.” Gas prices are still elevated – the average price in the US was $3.48 on Monday, up 50 cents since the war began. Now, some of the world’s biggest economies are considering emergency releases of millions of barrels of oil into the market, but experts say that would be a drop in the bucket when it comes to global oil needs. And economists warn that the war could do real damage to the US economy.   Iran’s enriched uranium Recovering Iran’s remaining highly enriched uranium stockpile – an objective the Trump administration has been discussing – would require significant US ground troops, seven current and former officials familiar with the military planning told CNN. The US bombing campaign that struck three Iranian nuclear facilities last June did not destroy all of the country’s stockpile of the material needed to create a nuclear weapon. Trump has made complete elimination of Iran’s nuclear capability one of his stated aims of the war.

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Oil and gas prices

Gas prices have risen 58 cents a gallon since the start of the war in Iran, and industry analysts believe prices are on the way to $4 a gallon by the end of March if oil prices stay around the range of about $90 a barrel for a prolonged period. Oil prices have been on a rollercoaster this week (topping $100 again overnight), and on Wednesday, member countries of the International Energy Agency agreed to release an historic amount of crude from emergency reserves to prevent high prices from crippling the global economy.

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🛢️ Charted: $5 diesel shock

Data: AAA. Chart: Axios Visuals The price of diesel fuel has surged above $5 a gallon in the U.S. — the highest in four years, Axios Macro authors Courtenay Brown and Neil Irwin write. Yesterday's average retail price ($5.04) is up 38% from a month ago, according to AAA. (A gallon of regular is $3.79.) Why it matters: Diesel fuels the shipping economy. Higher prices to fuel tractor-trailers, trains and many ships can ripple through supply chains and raise costs for nearly everything. Keep reading.

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Tracking gas prices

Americans were already struggling with affordability before the US and Israel began their war with Iran. CNN is monitoring the cost of oil and the average price of gasoline in each state. ➕ Oil prices surge as Iran says energy production

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⛽ Gas heading for $4

Illustration: Aïda Amer/Axios. Stock: Getty Images

Most Americans will likely soon be paying over $4 per gallon as the war in Iran drives one of the sharpest gas-price surges in recent history, Axios' Dave Lawler writes. Why it matters: Gas prices could become a scoreboard on every street for many Americans — a daily barometer of how the Iran war is going. Vice President Vance acknowledged yesterday there could be a "rough road ahead of us for the next few weeks." White House spokesperson Taylor Rogers told us: "President Trump has been clear that these are short-term disruptions. Ultimately, once the Iranian regime is neutralized, oil and gas prices will drop rapidly again."

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Oil prices

Oil prices rose today as energy infrastructure in the Middle East was damaged and the vital Strait of Hormuz was still largely shut. Goldman Sachs has suggested that the spike could stretch into 2027. Brent crude, the global oil benchmark, rose 1.4% to $110.2 a barrel. WTI, the US benchmark, was up 0.3% at $95.9. President Trump, meanwhile, has sought to reassure Americans grappling with the highest gas prices in nearly two and a half years, saying "it's going to be over with pretty soon." But three weeks in, the conflict shows no sign of abating.

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⛽ Mapped: Who's paying $4

Data: AAA. Map: Erin Davis/Axios Visuals The national average gas price is hovering just under $4 per gallon, at $3.981. But almost a third of the country (110.8 million people) lives in states that have crossed that psychologically significant threshold, Axios' Erin Davis writes. High prices are hitting Americans west of the Rockies hardest. The average gallon of regular gas is $5.83 in California, $5.32 in Hawai'i and $5.30 in Washington, according to AAA. Before the war began, three states — California, Washington and Hawai'i — had gas prices above $4. This morning, there are 20. Interactive map. ps:Well we are at 3.999!!!!!

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90% of the oil of the Philippines used to come from the Middle East. 

Fuel prices as of March 28.

Gasoline         6.30 USD per Gal.

Diesel              8.82 USD per Gal.

Most cars and SUV use diesel.  100% of public transport use diesel.

 My car is older, uses gas.

Motorcycles and scooters, use gas. Tens of millions of them. 

Prices are rising weekly. Many stations running out. 

Some government offices have gone to 4 days. 

Malls shortening hours. 

It's a big problem. 

 

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It sure is, but it didn't have to be! But as Adventists we know things will being getting worse and not better!!

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Gas prices eclipse $4 a gallon in the US, the highest since 2022

NEW YORK (AP) — U.S. gas prices jumped past an average of $4 a gallon for the first time since 2022 on Tuesday, as the Iran war continues to push fuel prices higher worldwide.

https://apnews.com/article/gas-prices-4-gallon-iran-war-de8b7ccea254a1585cab86f336db57a6?

ps:Our prices have now risen to 4.299!!

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Oil's COVID moment

Photo illustration: Brendan Lynch. Photos: Getty Images The oil shortage triggered by the Iran war will spread globally much like COVID did, Axios' Emily Peck writes. Natasha Kaneva, head of global commodities research at JPMorgan, said in a note that it's a slow-motion crisis: "Much like during COVID, the shock unfolds sequentially rather than simultaneously — a rolling supply disruption moving westward, dictated by shipping times and buffered unevenly by regional inventories." The average gas price in the U.S. is $4.02 today — just a preview of more pain to come. Prices could get high enough to force people and companies to stop using oil — "to get a whole bunch of cars and trucks off the road, ships off the seas, planes out of the sky, et cetera," economics journalist Peter Coy writes. Data: AAA. Chart: Sara Wise/Axios 🚢 Ships carrying oil from the Persian Gulf first reach Asia, then Europe, then the U.S., about 40 days after leaving. Asia is feeling the squeeze of lost supply, but the pain is still muted elsewhere. President Trump is signaling he wants to wrap things up. But he has sent mixed messages — and the U.S. operation may end without unclogging the Strait of Hormuz. (More from Barak Ravid.) 🌏 The bottom line: Six years after the pandemic, there's another global crisis brewing on the other side of the world — and once again, that reality hasn't quite hit home. Go deeper.

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‘I’m done’

Millions of Uber, Lyft, DoorDash and Instacart drivers have no choice but to pay higher gas prices if they want to keep earning a living. Some are deciding to call it quits.

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Get ready for $200 oil

Illustration: Annelise Capossela/Axios Oil prices are popping after President Trump failed to offer a clear plan for reopening the Strait of Hormuz during his Iran speech last night. Trump called on other countries to "take the lead in protecting the oil that they so desperately depend on." Officials from more than 40 countries — though not the U.S. — are meeting today to discuss opening Hormuz. 🛢️ Oil could surge to an unprecedented $200/barrel if Hormuz stays closed, Axios' Amy Harder reports. Brent crude futures are at about $107/barrel as of midafternoon, up 6.7% from yesterday. Data: Financial Modeling Prep; Chart: Erin Davis/Axios 📆 Analysts at Macquarie, a financial services company, say oil could reach $200 if the Iran war drags into June. Trump said last night that the U.S. campaign will last another two to three weeks. He said after the war, oil will start "flowing and the gas prices will rapidly come back down. Stock prices will rapidly go back up." Jason Bordoff, founding executive director of Columbia University's Center on Global Energy Policy, tells Axios: "There is no policy option to prevent oil prices from marching up toward $200 a barrel if the Strait of Hormuz remains closed." 🌎 $200 oil could be catastrophic for our globalized economy: Gas and jet fuel prices would skyrocket, prompting painful changes in global energy consumption. Some countries are already rationing fuel or imposing price controls. Food prices would rocket up as fertilizer gets more expensive. Prices for foreign-made consumer goods — electronics, clothing, anything else imported — would also climb. Go deeper.

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Gas-tronomical

At $6.72 a gallon, this rural county has the highest average gas price in the US. It’s gotten so bad that even some hybrid vehicle owners say driving has become a luxury they can’t afford.

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⛽️ Look for fast drop in gas prices

Illustration: Sarah Grillo/Axios. Stock: Getty Images

Gas prices could start dropping in the next two days, GasBuddy head of petroleum analysis Patrick De Haan said last night. Why it matters: Average U.S. gas prices have climbed more than 70 cents over the past month due to the Iran conflict but are set to reverse course following the ceasefire, Axios' Chuck McCutcheon writes. AAA's national average for gas today is $4.16 a gallon. ps:How about 1 cent!! Went from 4.299 to 4.289!!!!!!!!!!