What the Iran conflict means for gas prices this summer
History shows that turmoil in the Middle East usually means a stateside...
History shows that turmoil in the Middle East usually means a stateside spike in gas prices. But even with the US and Israel launching strikes against Iran, experts believe there’s no reason to turn your car around this summer.
The average cost for a gallon of regular gas is currently $3.21—that’s ~23 cents cheaper than it was a year ago, according to the US Energy Information Administration. In fact, oil prices are lower now than when the Israel-Iran conflict began on June 10, and they may hold steady for awhile:
🟢Unlike in similar situations that led to more expensive gas, the US has produced much more oil since the shale revolution of the early 2010s, creating an abundance that should prevent pain at the pump.
🟢The Persian Gulf region is also less willing than it used to be to withhold its oil to spite the US for its support of Israel, per the Washington Post.
Of course, this can all change in an instant if the tenuous ceasefire is broken, or if there’s a disruption in the body of water that everyone suddenly became an expert on two weeks ago—the Strait of Hormuz.
Patrick De Haan, head of petroleum analysis at GasBuddy, told the Wall Street Journal that he expects gas prices to hold between $3 and $3.20 this summer.
According to the Wall Street Journal, Shell is “holding early-stage...
According to the Wall Street Journal, Shell is “holding early-stage talks” to buy its rival in what would be the biggest oil deal since the merger of Exxon and Mobil in 1999. CNBC, however, reported that it’s unlikely Shell would purchase all of BP in any potential deal, and Shell denied that talks were happening at all, calling the WSJ report “market speculation.” If a deal eventually goes through, it would combine Shell and its $210 billion market cap with some or all of BP’s $82 billion, creating another energy juggernaut to compete with Saudi Aramco, ExxonMobil, and Chevron. Shell’s stock dropped on the news, while BP’s ticked up.
Under the new agreement, each nation in the Western military alliance...
Under the new agreement, each nation in the Western military alliance will more than double their defense spending from 2% of GDP to 5% by 2035, the group announced at its summit in the Netherlands yesterday. The move is seen as a bulwark against the threat from Russia, as well as a response to growing tensions in the Middle East. It’s also considered a win for President Trump, who has long pressured NATO allies to spend more on defense. Trump has repeatedly threatened to pull the US out of NATO, but this week appeared to affirm the country’s continued involvement. He also said the US will meet with Iran next week amid its fragile ceasefire with Israel.
Monster and CareerBuilder filed for bankruptcy. The...
Monster and CareerBuilder filed for bankruptcy. The sites that people used to find jobs in the late 1990s filed for chapter 11 bankruptcy yesterday, saying they will sell off parts of their businesses to different buyers. Monster was once one of the most popular sites for job seekers, going as far as airing a highly memorable Super Bowl commercial in which kids sarcastically dreamed of “climbing up to middle management” and “being replaced on a whim.” But the company struggled to stay relevant amid the growth of platforms like LinkedIn and Indeed, eventually merging with CareerBuilder last year.
California lawmakers approved a proposal from Gov. Gavin Newsom to spend $750 million per year to fund film and TV tax credits in an effort to keep Hollywood productions in the state.
Starbucks is changing how it charges for drink modifications, revealing it will now add a flat fee of 80 cents for any sauce or syrup rather than charge based on the flavor or type of drink.
Bumble said in a regulatory filing that it plans to cut 30% of its workforce.
Ring cameras will soon give users AI-powered text descriptions of the motion activity they detect, Amazon announced.
ESPN bought a minority stake in the Premier Lacrosse League and renewed its media agreement with the budding league for another five years.
Republic, a new investment platform, says it will use blockchain technology to allow retail investors to bet on private companies like SpaceX.
Prime, the sports drink company cofounded by YouTuber Logan Paul, appears to have been cut down in its prime, with UK revenue down 70% and US sales down 40% in 2024 from the year prior, Business Insider reported.
Oil prices rose nearly 1% on Wednesday, recovering from a sharp slide...
Oil prices rose nearly 1% on Wednesday, recovering from a sharp slide early this week, as data showed relatively strong U.S. demand, and as investors assessed the stability of a ceasefire between Iran and Israel.
Brent crude futures settled 54 cents higher, or 0.8%, at $67.68 a barrel, while U.S. West Texas Intermediate crude (WTI) ended up 55 cents, or 0.9%, at $64.92, both paring some of the 13% losses made earlier in the week.
After U.S. President Donald Trump announced the ceasefire on Tuesday, Brent settled at its lowest since June 10 and WTI ended at its lowest since June 5 on the reduced Middle East supply risk.
Oil prices had rallied after June 13, when Israel launched a surprise attack on key Iranian military and nuclear facilities. Prices hit five-month highs after the U.S. attacked Iran's nuclear facilities over the weekend.
"While concerns regarding Middle Eastern supply have diminished for now, they have not entirely disappeared, and there remains a stronger demand for immediate supply," said ING analysts in a client note.
