Gas/Oil prices

[phkrause]

What’s driving oil prices lower

Oil prices have plunged to a three-month low after President Trump backed away from renewed attacks on Iran, raising hopes of relief at the gas pump. But the decline isn’t entirely about the war in the Middle East: Despite historic disruptions to oil supplies, the world is suddenly producing more crude than it consumes.

+ For subscribers: Trump’s peaceful mood doesn’t fully explain why energy prices are plunging

+ Fuel prices: Gas drops below $4 for the first time since July, AAA data shows

[phkrause]

⛽ Gas falls below $4 a gallon

Data: AAA. Chart: Ben Geman/Axios Gas prices fell below $4 per gallon today for the first time since July 19, to $3.98, per AAA tracking. Why it matters: High prices were highly visible election-season reminders of broader cost-of-living increases that helped fuel Democratic midterm gains, Axios' Ben Geman reports. 💡 What's happening: Falling gasoline costs follow recent declines in crude oil prices. Traders are responding to signs of potential U.S.-Iran diplomacy and ascendant Democrats' pledges to help force an end to the conflict.