From Yahoo Finance: 2025-05-05 13:34:00

Gasoline prices are expected to drop with falling oil futures, with the national average at $3.16 per gallon. Despite a $0.02 increase from last week, it’s $0.40 lower than last year. Prices are forecasted to dip further, possibly below $3 per gallon this summer. Some states already see prices below $3. Oil prices fell 2% due to supply increase expectations and ongoing trade war concerns. West Texas Intermediate futures hit $57 a barrel while Brent crude dropped to $60 per barrel. OPEC agreed to boost production levels, leading to price declines. Crude oil prices had their worst monthly drop since November 2021 in April, impacted by global economic fears and trade policies. President Trump aims for lower energy costs, prioritizing lower oil prices. JPMorgan analysts note that the administration continues to focus on managing inflation through lower oil prices.



Read more at Yahoo Finance: How does under $3 a gallon sound this summer?