Middle East conflict drives oil price spike above $4/gallon; expert Bob McNally cites structurally escalation-prone dynamics, depleted strategic stocks, and China's rebounding oil imports as factors leading to potentially record-high gasoline prices.
A new "Freedom Fuel Network" offering gas discounts of up to 50 cents per gallon has emerged in Pennsylvania and South Jersey, baffling industry experts and officials. The network, incorporated just before Trump promoted it, claims to be a private company with no subsidies, but its ownership and sustainability remain unclear.
A network of 25 gas stations in Pennsylvania and New Jersey, branded as Freedom Fuel Network, is offering significant discounts promoted by President Trump. Industry experts are baffled by the sustainability of the discounts and the identity of the entity footing the bill.
India's imports of Russian crude oil reached a record high in June. Reports suggest India is supplying gasoline to Russia, likely through traders, to meet domestic demand exacerbated by Ukraine war-related refinery damage. Indian refiners can produce the required gasoline grades.
Russian Deputy Prime Minister Alexander Novak stated that a complete ban on gasoline and diesel exports is necessary to stabilize the domestic fuel market. Russia has already implemented a temporary ban on these exports until July 31.
Russians are increasingly converting their cars to run on liquefied petroleum gas (LPG) due to nationwide fuel shortages, escalating petrol prices, and long queues at filling stations. These issues are exacerbated by Ukrainian drone attacks on refineries, leading to a surge in demand for LPG conversion services.
A 36-year-old Indiana man, Christopher Peden, faces arson charges after allegedly cutting off his genitals, dousing them with gasoline, and setting them on fire in a neighbor's garage on May 6. Peden initially provided a false account of being attacked elsewhere but later confessed to the self-inflicted act. The motive remains under investigation.
Average US gasoline prices increased by five cents to $3.84 per gallon, with diesel also rising, according to AAA data, amid new Middle East conflict escalation. California has the highest prices at $5.38 per gallon.
Russia has banned diesel exports to stabilize its domestic market following Ukrainian drone attacks on refineries, which have caused gasoline shortages and price spikes. Meanwhile, Russian missile and drone attacks killed at least three in Kyiv and four in Odesa.
Russians are increasingly converting their vehicles to run on liquefied petroleum gas (LPG) due to widespread fuel shortages, rising petrol prices, and long queues at gas stations, largely attributed to Ukrainian attacks on refineries. Demand for LPG conversion services has surged, with companies reporting significant waiting lists.
Russians are rapidly converting their cars to run on liquefied petroleum gas (LPG) due to widespread fuel shortages, escalating petrol prices, and long queues at gas stations, largely attributed to Ukrainian attacks on refineries. Demand for LPG conversion services has surged, with companies reporting extensive waiting lists.
Russian military strikes have reportedly destroyed all gas stations on major routes in Ukraine's Sumy Region, according to a Russian security official. Ukrainian authorities are planning to ban retail gasoline sales starting July 10, a move that could confirm the impact of the strikes.
The Bank of Russia does not anticipate a significant impact on overall imports from Russia's purchases of gasoline from other countries, despite assessing the situation. Director Andrey Gangan noted that while there might be a slight increase in this category, volumes are unlikely to alter established trade trends. The Central Bank will update its inflation forecast based on government measures.
Rosatom's electric vehicle charging network experienced a 40% increase in demand over one week, with hybrid car owners actively using the stations. The company plans to expand its network to 11,000 stations by 2030.
Russia has started importing gasoline by sea from India to alleviate fuel shortages caused by Ukrainian attacks on its energy infrastructure, leading to rationing and price hikes. India has already shipped at least 60,000 metric tonnes, with Russia planning monthly imports of 400,000 tonnes from multiple countries including Belarus.
Russia has begun importing gasoline by sea from India to alleviate domestic fuel shortages caused by Ukrainian attacks on its energy infrastructure. India has already shipped at least 60,000 metric tonnes, with Russia planning monthly imports of 400,000 tonnes from various countries, including Belarus.
El Gobierno español ha reforzado los controles sobre los márgenes de distribución de carburantes para evitar la especulación con los nuevos descuentos. La CNMC publicará una lista de estaciones con "comportamiento anómalo" y se exigirá un canal de reclamación para usuarios.
Ukraine's President Zelenskyy authorized a 40-day operation against Russian targets, with forces hitting oil refineries and depots. Crimea faces power outages and fuel shortages, while Belarus builds border infrastructure despite warnings. Ukraine is also accelerating plans for a European missile defense system.
U.S. gasoline prices fell by 49 cents a gallon last month, but President Trump, seeking to mitigate economic fallout before midterm elections, has directed the Justice Department to investigate oil companies for alleged price gouging, despite experts explaining market delays and cost factors.
Chevron CFO Eimear Bonner anticipates a decline in US gasoline prices as the Middle East situation normalizes, despite President Trump's investigation into oil majors for alleged price gouging. Bonner stated a lag exists between crude price drops and pump prices, emphasizing efforts to optimize production.
Former US President Donald Trump has directed the Justice Department to investigate major oil companies, accusing them of price gouging by not lowering gasoline prices commensurate with falling crude oil costs. This comes as oil prices drop following a US-Israel bombing campaign against Iran and a new interim peace deal between the US and Iran.
Donald Trump has instructed the US Department of Justice to investigate oil companies for alleged price gouging, accusing them of not adequately lowering gas prices despite a sharp decline in crude oil costs following a US-Iran ceasefire and the reopening of the Strait of Hormuz.
Chevron CFO Eimear Bonner expects U.S. gasoline prices to fall as the Middle East normalizes, responding to President Trump's accusation of "gouging" and a DOJ investigation into oil majors for high fuel costs despite declining crude prices.
Russian authorities are considering a complete ban on diesel fuel exports, following a similar prohibition on gasoline and jet fuel. Deputy Prime Minister Alexander Novak stated that daily meetings are being held with oil companies and federal authorities to ensure stable fuel deliveries to regions.
