economy
Oil and gas prices drop in time for Fourth of July driving
Oil and gas prices fell ahead of the Fourth of July weekend, as shipping traffic through the Strait of Hormuz picked up, easing the global supply strains created by the war with Iran.
TL;DR
- Oil and gas prices have fallen before the Fourth of July weekend.
- Shipping traffic through the Strait of Hormuz has increased.
- Global supply strains from the war with Iran have eased.
- Brent crude is trading at $72.05 a barrel.
- West Texas Intermediate is trading at $69.41 per barrel.
- These are the lowest benchmark prices since before the war in Iran.
- Oil prices had previously risen to around $100 a barrel during the conflict.
- The national average for gasoline is now $3.90 a gallon.
- This is down from $4.49 a month ago.
- AAA forecasts nearly 72.2 million people will travel during the Fourth of July period.