gasoline

Prices are still rising on most consumer goods, but gas prices fell roughly 20 cents a gallon on average nationwide since January 2025, according to AAA.

Traders have been paying close attention to the international benchmark in the wake of the new sanctions announced on two major Russian oil companies this week.

Even though many commodities, like oil, were exempt from tariffs, the broader economic effects are likely to take a toll if they continue.

With more efficient vehicles and fewer commuters, less gas is being consumed. But prices are still high for other aspects of summer travel.

It’s largely about the chemistry of the oil and the mechanics of the refineries. In many cases, importing foreign crude is cheaper.

Oil companies have been hampered by labor and capital costs and $70 a barrel may not be enough to lure them.

Gasoline prices are fueling workers’ resistance to go back to the office this summer.

“Gasoline prices and diesel prices are going to be very high through the summer, potentially higher than they are today,” says Bloomberg’s Javier Blas.

So far, big oil companies are in the “not” camp.

Yes, the economy is reopening globally. But gasoline prices are also affected by Iran’s latest election.