US Regular Gasoline Holds at $4.07 a Gallon as Station Owners Delay Price Cuts
Updated
Updated · The New York Times · Jun 16
US Regular Gasoline Holds at $4.07 a Gallon as Station Owners Delay Price Cuts
3 articles · Updated · The New York Times · Jun 16
Summary
$4.07 a gallon was the U.S. average for regular gasoline on Monday, with meaningful relief likely weeks away even after a U.S.-Iran framework deal.
Station owners are cutting pump prices slowly as wholesale costs fall because many lost money or earned little when crude surged and retail prices lagged on the way up.
Regular gasoline prices jumped about 50% between Feb. 28 and mid-May after U.S. and Israeli attacks on Iran disrupted oil shipments through the Strait of Hormuz.
Trump last month floated pausing the 18.4-cent federal gasoline tax, underscoring how elevated fuel costs are still weighing on drivers.