The record price of diesel threatens to stoke inflation at a time when consumers are already price-sensitive and businesses are reeling from higher costs due to trade tensions. Why it matters: Diesel is a key cost throughout the supply chain, meaning soaring prices could eventually show up in what consumers pay for everything from groceries to household goods. Driving the news: The national average price of a gallon of diesel topped $6 for the first time ever, AAA said Friday, Axios' Ben Berkowitz reports . - That's up 60% from a year earlier. Between the lines: Food prices could be among the first places consumers feel the ripple effects, executives said this week. - At grocery chain Kroger, which has been trying to keep a lid on…
Retail gas prices in the United States have dropped below $4 a gallon, the lowest since April.
Following a preliminary agreement between the United States and Iran, U.S. retail gas prices fell below $4 per gallon for the first time in several months. PULSE POINTS WHAT HAPPENED: Retail gas prices in the United States have dropped below $4 per gallon, the lowest since April. DETAIL: On Sunday, according to GasBuddy , the national average fell to $3.997 per gallon. Prices dropped below $4 following a preliminary agreement between the United States and Iran. The agreement is the first major step towards ending the conflict between the two countries, which started in late February following U.S. and Israeli strikes on the Islamic Republic. Specifically, the agreement aims to reopen the Strait of Hormuz, a vital passage and chokepoint…Open
Data: AAA; Chart: Ben Geman/Axios Pain at the pump is easing, but gas is far costlier heading into the summer than last year — and what comes next is wildly unpredictable. Why it matters: High gas prices are the most visible economic effect of the Iran war for many Americans grappling with inflation . Driving the news: The U.S. average price for regular is $4.39 per gallon on Friday, per AAA — down 16 cents over the last week as the U.S. and Iran closed in on a possible deal to extend the ceasefire. - But it's still far above the roughly $3 that Americans were paying right before the war started. - Prices are seeing their largest weekly drop of the year, Patrick De Haan, head of petroleum analysis at the fuel data and analysis firm…
Crude oil prices dropped about $5 per barrel Sunday evening in the first major trading since the emergence of rough and tentative outlines of a deal to end the U.S.-Iran conflict. Why it matters: The throttling of the Strait of Hormuz is raising energy costs and weighing down economies worldwide — including the U.S., where average pump prices are about $1.50-per-gallon above pre-war levels. - And the crisis is poised to worsen as global crude oil inventories are depleting at a record pace. The latest: Futures prices from the global benchmark Brent crude are back under $100 per barrel, trading around $98.76 Sunday evening, a 4.62% drop from Friday's close. Reality check: Even if an agreement that opens the Strait is reached — a…
Patrick De Haan, head of petroleum analysis at GasBuddy, discusses a potential suspension of the gas tax amid rising fuel costs due to the war with Iran.
If a U.S.-Iran peace deal actually happens this time — and that's still a big if— consumers have a long road ahead before filling up returns all the way to the good old days of early 2026. Why it matters: Even if the Strait of Hormuz opened right away, pump prices will likely remain higher — maybe a lot higher — than pre-war levels at least through the midterm elections. - U.S. retail prices are tethered to global oil markets that will be in turmoil for a while. - The average U.S. price for regular gasoline was $4.54 per gallon on Wednesday, compared to just under $3 pre-war, per AAA data. What we're watching: Some price relief would come within days of the Strait of Hormuz truly reopening, per Patrick De Haan of the market data…
Patrick De Haan, head of petroleum analysis at GasBuddy, joins NewsNation to discuss how Iran laying mines in the Strait of Hormuz will affect already-high gas prices. Anchor Elizabeth Vargas delivers the biggest stories, without bias or opinion. Watch "Elizabeth Vargas Reports" every weeknight at 7p/6C on NewsNation. #VargasReports NewsNation is your source for fact-based, unbiased news for all Americans.
