• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 16 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 30 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 38 mins What-If - Russia decided to take out the Saudi and Kuwait oilfields
  • 19 hours "As the Earth Cools, the Climate Change Hoax Heats Up" by Michelle Edwards
  • 19 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 3 days "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)
  • 3 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 16 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 16 hours The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 22 hours PROFOUND ! "Russian Ruble relaunched linked to Gold and Commodities" by the famous Ronan Manly -- (NOTE the censorship by the MultiPolar New World Order of The Great Reset))
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

U.S. Gasoline Prices Set To Drop As Driving Season Begins

Prices at the pump in the United States are set for a decline next week thanks to lower crude oil prices and the start of driving season, Bloomberg reports, citing data from GasBuddy.

"We did see a 7-cent decline in the national gas price last week, and I think you can look for another decline this week, so motorists would not be advised to be so fast to fill their tanks," GasBuddy analyst Patrick DeHaan told Bloomberg, adding "I could see the national average down around $2.60 a gallon or even $2.59 gallon this week.”

Oil prices, which are crucial for price-setting among fuel retailers the world over, have been on the swing lately.

On the tailwind side we’ve had a decline in U.S. drilling activity and expectations that OPEC+ will extend the production cuts beyond their original end-June deadline. The latter followed reports that Russia might get on board with the Saudi extension proposal.

However, such an agreement is far from certain as per remarks by Russia’s President regarding prices in yet another string of mixed signals from OPEC’s biggest partner in the cuts, which, according to many, now sets the tune that the cartel dances to.

“Of course Saudi Arabia wants oil prices to remain higher. But we have no such need due to the more diversified nature of the Russian economy,” Vladimir Putin said earlier this week as quoted by Interfax. Related: Platts: OPEC Oil Production Slumps With Saudis Cutting Deeper

The blurry picture of the future of oil prices is reinforced by the persistent worry about demand. The world’s top importer, China, is still in the spotlight, with U.S. President Trump earlier this week threatening another round of tariffs if his Chinese counterpart Xi Jinping does not attend a bilateral meeting scheduled for later this month during the G20 summit in Japan.

All these developments have a direct bearing on U.S. retail gasoline prices, which means no forecast is ever final but with local factors including rising production despite the lower drilling activity weighing on prices, these could indeed continue sliding down in the next few days at least.

At the time of writing, West Texas Intermediate was trading at US$53.80 a barrel, with Brent crude at US$62.54 a barrel, both up since opening.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News