Gas Prices Persist at Elevated Levels Amid Oil Price Drop
Despite oil prices falling sharply in global markets after weeks of US-Iran hostilities, gas prices at the pump remain elevated. GasBuddy analyst Patrick De Haan noted that while oil prices dropped, 'don't expect much gas price relief.' He explained that gasoline futures were down just 2 cents/gallon, which would translate to a more significant decline if it matched the drop in oil prices.
The refining capacity of US refineries remains a major limiting factor holding up more relief for gas prices. According to data from the American Automobile Association (AAA), gas prices recorded a marginal decline on Tuesday but still hovered above $4 at $4.0990/gallon nationally. California had the highest average price at $5.6470/gallon, while Indiana residents continued to pay the lowest prices at $3.4740/gallon.
In a separate development, Senator Adam Schiff questioned Trump's comments on Venezuela's oil revenue, pointing out that if the US has made $13 billion in revenue from Venezuelan oil, it should be disclosed where that money is going. The White House did not immediately respond to Benzinga's request for comment about Venezuelan oil revenue or gasoline supply.