Yes, higher crude oil prices mean a multibillion-dollar cash infusion to the oil industry. But volatility is bad for business, and sustained high prices come with very serious drawbacks.
gasoline prices
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How the Trump administration’s policy changes are affecting what we pay for energy
The war in Iran is driving up fossil fuel prices and highlighting the risks of depending on oil and gasoline. Meanwhile, the Trump administration has unwound policies that would boost alternatives.
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Why it’s so hard for world leaders to bring down oil and gasoline prices
From waiving the Jones Act to rerouting oil through the Red Sea, governments are doing their best to make up for the crisis in the Strait of Hormuz, but prices are still rising.
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Gasoline prices are still rising as the Iran war stretches into its third week
U.S. gasoline prices are up nearly 80 cents from a month ago, while diesel prices have shot up even more. Diesel is now just under $5 a gallon, according to AAA, up $1.34 from last month.
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Countries agree to a historic release of stockpiled oil to ease global disruption
Members of the International Energy Agency have announced a coordinated release of 400 million barrels of stockpiled oil in an attempt to counter the disruption in oil trade triggered by the Iran war.
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WATCH: How traffic dried up in the Strait of Hormuz since the Iran war began
The effective closure of the Strait of Hormuz is “about as wrong as things could go” for global oil markets. Iran achieved it not with a naval blockade, but with cheap drones.
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Why oil prices are falling, and what it means for the economy
Between tariffs roiling the global economy and OPEC putting more barrels on the market, prices have dropped significantly since January. That’s good for consumers, and bad for oil companies.
