The Secretary of State Doug Borgum breaks down the new government plan to simplify overseas mineral policies in Warren and the Company.
Gas price Are sitting in the least four years A ceasefire Between Iran and Israel has reduced the fear that conflict in the Middle East could disrupt global oil resources.
According to industry experts, the average price of a regular gasoline was $ 3.20 on Friday because oil prices, where it was in the Middle East, caused a “knee knee” response in the markets.
US strikes on Iran's three key nuclear sites on Saturday made the oil future spike Sunday evening and oil rises to $ 78 a barrel. According to AAA, this quickly disappeared until Monday.
Great shock of oil prices while the Israeli -Iran conflict threatens to cross world transport
Since there is no oil supply disorder, oil prices are expected to be under pressure due to high supply, especially as OPEC+ continues to increase production.
According to Lippo, which estimates that the prices of the pump will be relatively stable until the July 4 holidays, oil demand growth is still unveiled and will fall 3 to 5 cents in the next week.
The national average price for a regular gasoline gallon was $ 3.20 on Friday. (Daniel Acker / Bloomberg through Getty Images / Getty Images)
However, he predicted that California would rise from 59.6 to 61.2 cents per gallon on July 1 by raising the government's indirect tax tax.
Market believes that the risk of closing the main waterway, the Strait of Hormoos, “declined dramatically”, especially when the president Donald Trump He said China could buy Iranian oil and reduce the risk of attacking oil facilities in the region. Iran threatened to transport the Strait to transport traffic after the US strike on Iran's nuclear facilities.
It connects the Gulf Strait with the Gulf of Oman and the Saudi Sea. It runs the world's largest crude oil tankers and is said to be one of the most important oil points in the world. Energy Information Management (EIA)Human
A gas station is filling the vehicle at the Chevron gas station on December 5, 2022 in Houston, Texas. (Brandon Bell / Getty Pictures / Giti Pictures)
Exxonmobil CEO talks about Iran -Israel conflict
In 2024, 20 million barrels of oil daily, about 20 % of world oil consumption, flowed through the waterway. According to EIA, there are very few alternatives to transfer oil from the gorge.
If oil exports were affected by the Strait, Lipo estimated that oil prices could easily earn $ 100 a barrel, which would increase gas prices at about 75 cents per gallon from the latter level. There were also forecasts that oil could increase between $ 120 and $ 130 a barrel. In this case, the price of gasoline rises $ 1.25 per gallon.
Price at a Mobil gas station in Los Angeles, California, the United States, Tuesday, April 2, 2024. (Eric Tire / Bloomberg through Getty Images / Getty Images)
Meanwhile, Phail Flynn, an energy market analyst and Fox Business participant, validated Iran's nuclear program for eliminating a significant amount of geopolitical risk of oil prices, pointing out that it was “shown in gas prices.”
Get Fox Business on a move by clicking here
Flynn also stated that the government had created a production -friendly environment and that Trump would change the signal to the market to move towards more desirable regulations. He pointed to more realistic plans for oil production and the possible acceleration of the refinery license, which he said can lead to significant long -term savings in gasoline prices.
“This will be a big victory for consumers because inflation will continue to be reduced,” he said.