#oil-supply

#oil-supply

The average price of a gallon of gasoline nationwide recently slipped below $3. Due to the war in Ukraine and concerns about the oil supply, it topped $5 in mid-2022. It was as low as $2.15 in 2020 at the start of the COVID-19 pandemic. And it was about that low in 2016, due primarily to an oversupply of oil, resulting from the shale boom.

Crude oil futures have seen an early rebound driven by rising geopolitical tensions due to renewed tariff threats from the U.S. against India concerning Russian crude imports.

Benicia's City Manager Mario Giuliani emphasizes the urgency of finding solutions to the impending closure of Valero Refining Company, warning of significant revenue losses. With a projected $10 million loss on a $16 million budget, the city is preparing for a seismic shift as it communicates and implements action plans.

President Donald Trump's unprecedented decision to bomb three Iranian nuclear sites has deepened fears of a widening conflict in the Middle East. Analysts suggest that Iran may retaliate by closing the Strait of Hormuz, a crucial trade route for global oil supply.