ALERT: #GasPrices appear to be rising to $4.39/gal in areas of #Idaho today. This is a routine price cycle.

ALERT: #GasPrices appear to be rising to $4.19/gal in areas of #Utah today. This is a routine price cycle.

ALERT: #GasPrices appear to be rising to $3.99/gal in #Virginia today. This is a routine price cycle.

ALERT: #GasPrices appear to be rising to $3.99/gal in #Colorado today. This is a routine price cycle.

ALERT: #GasPrices appear to be rising to $3.99/gal in #Ohio today. This is a routine price cycle.

Americans have collectively spent ~$17.6 billion dollars more on gasoline than they did on March 1, roughly $15 billion more, in my estimation, due to the US attacks on Iran. Today added ~$388 million more to the total, down from a peak of $455 million more on 4/8.

Smith: "Do you think gas prices going up 20% is fake inflation"
Warsh: "they move and when they move in the wrong direction, Americans feel that"

National average price of gasoline: $3.98/gal
Pay w/GasBuddy+ national average: $3.83/gal
GasBuddy users spending on average ~15c/gal less.

roughly 400 million barrels after the repurchases started in 2023, which continued to raise the SPR for the last few years

The Trump admin's SPR releases are ramping up- the US Strategic Petroleum Reserve fell by 4.2 million barrels in the last week according to the DOE- that's the largest weekly drop since 2022 when the SPR was being released to counter the Russian invasion of Ukraine.

The line will have a capacity of ~200,000bpd, and help keep California refined product closer to home while bringing more product in to AZ from the East.

Kinder Morgan & Phillips 66 today said they're moving ahead to build a new pipeline to carry products from Texas to Phoenix, AZ into California- which could have a large positive impact on motorists in these areas connecting the West w/ major refineries in the Midwest. 2029.

Gas price hikes could happen starting today/tomorrow for motorists in: NM, TX, IN, OH, MI, KY, SC, TN, FL (these are price cycling markets!)

48 of the nation's 50 states have seen #gasprices decline in the last week, with the national average down 9.5c/gal to $3.976/gal, while diesel has fallen in 46 states with the average down 11.7 cents to $5.500/gal. We likely start to see prices rising again tomorrow afternoon.

WTI crude jumps 7% to $88.40/bbl in opening moments of Sunday trading...

We could see the national average jump 5-10c/gal tomorrow, and it could get near its recent high of $4.165/gal

BACK BELOW $4: for now. The national average price of gasoline has fallen below $4/gal for the first time since March 29. But with oil prices likely to re-accelerate in just 30 minutes as electronic trading opens, we'll likely see many many states price cycling early this week.

Sources tell me that there was no impact to operations at BP's Cherry Point, WA refinery, which had been undergoing maintenance at the time of this weekend's incident.

BP reporting an incident at its Cherry Point, WA refinery- injuries have been reported and the status of the refinery is unclear but maintenance had been ongoing. Will continue to follow.

Iran War Live News Updates: Iran’s Military Says Strait f Hormuz Is Closed Again, Prompting Ships to Turn Back The announcement added to confusion surrounding the waterway after the U.S. and Iran declared it open less than a day earlier. Follow along for the latest news updates and analysis.

Iran: “Strait is closed” www.wsj.com/livecoverage...

Early estimates (which can change) based on today's actions to reopen the Strait, could lead the national average price of *diesel* to fall to:
$4.95-$5.25 for Memorial Day
$4.75-$5.05 for July 4
$4.30-$4.75 for Labor Day (Hurricane season risk)

Early estimates (which can change) based on today's actions to reopen the Strait, could lead the national average price of gasoline to fall to:
$3.65-$3.95 for Memorial Day
$3.50-$3.80 for July 4
$3.35-$3.75 for Labor Day (Hurricane season risk)

Great live session on what's coming to #gasprices in the weeks ahead AND predictions on what prices will look like for Memorial Day, July 4 and even Labor Day- check it out/subscribe on my GasBuddyGuy YouTube channel

Media are welcome to join our X/YouTube live video at 10:30am ET here or on my GasBuddyGuy channel as we talk about the Strait reopening and the future of oil, gasoline, diesel and jet fuel prices and much more.

How much could gas and diesel prices fall? Will be doing a LIVE X Space and YouTube (via GasBuddyGuy channel) at 10:30am ET this morning to cover what's coming to pump prices, and take some of your questions!

Patrick De Haan Real-time analysis of gas prices and oil markets from a petroleum analyst- explaining what’s driving prices and what’s coming next.

Join me and Matt McClain at 10:30am ET LIVE on X Spaces and YouTube for an update on oil, gasoline, diesel and jet fuel prices after Iran announced a "reopening" of the Strait! www.youtube.com/@GasBuddyGuy

This could accelerate sending fuel prices lower starting this weekend with the national average likely falling below $4/gal to perhaps $3.65-$3.85 with diesel falling to $4.85-$5.15/gal in 3-4 weeks and could continue for a couple weeks barring any re-escalation

OIL PLUMMETS AS IRAN SAYS “STRAIT IS OPEN”
WTI crude down 10%
RBOB gasoline down 16c/gal
ULSD diesel down 43c/gal

National average down to $4.055/gal, 10.3c/gal lower than a week ago, it may briefly dip below $4/gal this weekend before it likely bounces back up on Monday.

with oil prices rallying through the day and now up 4-5%, the gentle declines we've been seeing at gas and diesel pumps could end and reverse- guessing Monday could be a cycling/hiking day for some states, which could push the national average back up to $4.10/gal or so.