Reported 4 months ago
As crude oil prices decrease, so do the prices of diesel and jet fuel, resulting in cheaper gasoline at the pump for drivers across the U.S. with the national average dropping to $3.536 a gallon. The surplus of jet fuel and diesel in global markets, driven by reduced driving due to scorching temperatures in places like the Middle East and South Asia, is contributing to the decreasing prices. Despite OPEC+ nations limiting exports and hotter summer weather, U.S. drivers can expect prices to continue falling, potentially leading to more oil mergers and exerting pressure on energy shares like XLE, Chevron (COP), and ConocoPhillips (COP). However, gasoline prices are forecasted to rise again in August and September during the peak of the summer driving season in Europe and North America.
Source: YAHOO