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Yahoo
01-07-2025
- Automotive
- Yahoo
Gas prices cool heading into July 4th weekend. What about the rest of summer?
New Jersey gas prices are cooling ahead of the July 4 weekend — when nationwide a record 72.2 million Americans are expected to travel domestically — as tensions in the Middle East show signs of quieting down, according to analysts. In fact, national gas prices during the July 4 weekend could reach their lowest level of any July 4 weekend since 2021, according to gas station price-tracking website The average cost of a gallon of gas was $3.16 in New Jersey on July 1, down a penny from $3.17 the day before, said travel club AAA. Any price increase for oil has been 'virtually evaporating' following spikes from Israeli and U.S. strikes on Iran, as well as counterstrikes from the Persian Gulf nation, AAA De Haan, head of petroleum analysis at agreed. 'The national average price of gasoline has resumed its decline, with falling prices driven by easing tensions in the Middle East — just weeks after those same tensions had pushed prices higher,' De Haan said. As of July 1, West Texas Intermediate Oil, also known as WTI crude oil — the most common in the U.S. — was trading at just over $65 a barrel, down from $73 a barrel on June 17 at the peak of Iran-Israel hostilities. Even before the bump up in price caused by the Iran-Israel conflict, costs at the pump had been rising thanks to the annual heightened demand from summer travel, Mark Schieldrop, a spokesperson for AAA Northeast, previously told There are a few wildcards that will help determine the price of gas over the rest of the summer, said De Haan of For one, there's hurricane season, with the possibility of a major storm disrupting the national oil supply chain and making prices for gas more expensive. Plus, tensions in the Middle East could once again flair up, pushing up oil prices and leading to more costs at the pump for motorists, De Haan noted. In June, when tensions between Iran and Israel were higher, concerns were particularly focused on the Strait of Hormuz, a narrow waterway through which 20% of the world's oil travels, according to the U.S. Energy Information Administration. At its narrowest point, the strait is only 21 miles across, flanked by Iran to the north and Oman to the south. A naval blockade of the strait by any party in the region could upend the global oil market and raise oil and gas prices, the EIA warned. Iran's nuclear program was severely hit by U.S. bomb strikes but did not face total damage, and the program could be up and running again within months, the U.N.'s nuclear watchdog chief said on June 29. President Donald Trump has taken a different stance, saying the strikes have completely destroyed Iran's nuclear sites. This article contains material from USA Today Daniel Munoz covers business, consumer affairs, labor and the economy for and The Record. Email: munozd@ Twitter:@danielmunoz100 and Facebook This article originally appeared on Gas prices cool heading into July 4th weekend
Politico
13-06-2025
- Business
- Politico
‘The White House should be worried': Oil prices soar after Israel's attack on Iran
Israel's attack on Iran has President Donald Trump facing the prospect of the same economic nightmare that helped unravel Joe Biden's presidency — rapidly spiking energy prices triggered by a war outside his control. The series of airstrikes that began Thursday night caused the world benchmark oil price to jump to $73 a barrel as of noon Eastern time Friday, up $8 since early Wednesday, with the promise of more price hikes to come if the fighting spreads. Energy analysts said the price could shoot to $100 a barrel — a level not seen since the aftermath of Russia's invasion of Ukraine in 2022 — if the conflict widens and interrupts oil shipments from the Middle East. No matter how the fighting unfolds, it promises to increase prices at American gasoline pumps just as voters' natural gas and electricity bills are already set to rise. And it comes at a time when Trump may have fewer tools at his disposal than Biden did to blunt their impact. Gasoline prices could jump as much as 25 cents a gallon in the coming weeks because of the fighting, predicted Patrick De Haan, a gasoline market analyst at the pricing website Regular gasoline prices averaged $3.13 a gallon Friday. Trump, who campaigned heavily last year on cutting energy prices, has started complaining publicly about the global markets not comporting with his priorities. During a bill signing ceremony Wednesday, Trump chided Energy Secretary Chris Wright over this week's rise in oil prices, which had begun climbing amid news of a possibly imminent Israeli attack. 'I was going to call and really start screaming at you,' Trump told Wright. Every White House knows that presidents of either party suffer when higher gasoline prices beset voters. And Trump could be particularly vulnerable if a significant rise in fuel prices triggers the sort of economic slowdown that analysts have warned his tariffs could bring. 'Geopolitical price spikes pose a bigger risk of recession than inflation in my view,' said Bob McNally, who heads the energy and geopolitical analysis firm Rapidan Energy and served on the National Security Council and National Economic Council during the George W. Bush administration. 'The White House should be worried.' Trump still has headroom for any rise in pump prices resulting from the Israel attack. Friday's average gasoline price was down 33 cents from a year ago and $1.88 from their all-time high in June 2022, according to AAA. But if the fighting spreads, things could get politically hot for Trump quickly. If Israel targets Iran's oil fields or export facilities, prices could rise another $7.50 a barrel, said Andy Lipow, head of the market analysis firm Lipow Oil Associates. If Iran then attacks the Strait of Hormuz at the mouth of the Persian Gulf — a major waterway for oil exports out of the Middle East — 'we could see $100 oil,' Lipow said. 'Iran knows full well that President Trump is focused on lower energy prices,' Lipow said in an email. 'Actions by Iran that impact Middle Eastern oil supplies raising gasoline and diesel prices for Americans are politically damaging to the president.' Worryingly for the White House, Trump can do little to tamp down prices. The president's only real option include using his bully pulpit and diplomats to try to persuade Israel and Iran to quell the fighting soon. He could also tell Wright to release oil from the Strategic Petroleum Reserve, hoping that unleashing a gusher of crude into the global markets will keep the price under control. Biden took that step in a big way after Russia's Ukraine invasion, selling off more than 40 percent of the stockpile in a move that Republicans blasted as a politically minded misuse of a reserve meant for national emergencies. But the reserve is still considerably smaller than it was pre-Biden, leaving Trump with less oil to release without depleting it. The reserve had 402 million barrels as of last week, down from 626 million barrels four years ago. A DOE spokesperson maintained that the administration was lowering prices by cutting regulations. 'While oil prices are dictated by supply and demand, the Trump administration is reducing regulatory costs and removing red tape holding back energy production, delivering lower energy costs for the American people,' Andrea Woods said in an email. Before this week, oil prices had fallen nearly $20 a barrel below where they were when Trump reentered the White House Jan. 20 — though the biggest drop came after Trump announced his 'Liberation Day' tariffs in early April, which triggered fears of a worldwide economic slowdown and threw energy demand into doubt. The oil producing countries in OPEC also boosted their own output earlier this year, further lessening prices — until now. At the moment, the hike in oil prices seems to have stalled, said Tamas Varga, an analyst at the brokerage firm PVM Oil Associates, and they could come back down if the fighting settles. 'Given that the situation is fluid it would not be surprising to see prices remain stable ahead of the weekend,' Varga said in an email. 'Next Monday, however, there is a chance of a significant retracement provided the situation is contained. If there is no tangible supply shock, the current rally will not be maintained.' The low prices the White House started with may help blunt voter's anger at rising prices, said Kevin Book, director at analyst firm ClearView Energy. But that doesn't mean Trump can be complacent, given his campaign promises. 'Politically, that offers Trump some headroom,' Book said. 'But, of course, Trump didn't campaign on keeping energy costs the same. He campaigned on bringing them down.'
National Observer
20-05-2025
- Business
- National Observer
Majority call for end to carbon-pricing in Quebec, poll suggests
Weeks after Prime Minister Mark Carney scrapped the federal consumer carbon levy, more than half of Quebecers want their province to follow suit and abolish its own price on carbon, a new poll says. Published Tuesday, the Léger survey also found that a majority of Quebecers support building a pipeline across the province to transport oil or gas from Western Canada to international markets. The poll offers the latest evidence of shifting public opinion on environmental issues in Quebec, where there has long been a broad consensus in favour of carbon pricing and against pipelines. Quebec has had some of the highest gas prices in the country since April, when Carney ended the consumer carbon levy that applied in most provinces. British Columbia quickly moved to end its own carbon tax as well, leaving Quebec as the sole province that remains fully committed to carbon pricing. According to the survey conducted for Québecor media properties, 56 per cent of respondents believe Quebec should put an end to its cap-and-trade carbon-pricing scheme. That includes a majority of supporters for all major political parties in the province, except the left-leaning Québec solidaire. Another 28 per cent said the province should keep its price on carbon, while 15 per cent didn't know or refused to answer. An even larger majority – 68 per cent – said the cost of the carbon price should be clearly indicated on gas station receipts, which is not currently the case. The cap-and-trade system adds about 10 cents per litre to the price of gasoline. The survey comes as Statistics Canada reports that lower gas prices drove inflation down across all provinces except Quebec in April. On Tuesday, the agency said the annual pace of inflation in Canada cooled to 1.7 per cent last month, down from 2.3 per cent in March, driven largely by the removal of the consumer carbon price. But in Quebec, the annual inflation rate rose 0.3 percentage points from March to 2.2 per cent in April. According to the website Quebec on Tuesday had the highest average gasoline price of all provinces except B.C., and had an average price more than 20 cents per litre higher than in Ontario. Weeks after Prime Minister Mark Carney scrapped the federal consumer carbon levy, more than half of Quebecers want their province to follow suit and abolish its own price on carbon, a new poll says. In response, the Parti Québécois called on the government to reduce the "unfair gap in the price of gasoline" between Quebec and neighbouring provinces. Leader Paul St-Pierre Plamondon said the government has several options to reduce the disparity, including cutting the province's fuel or sales taxes. Quebec, he added, could also return some of the proceeds from the carbon market to taxpayers. Currently, the money goes to Quebec's electrification and climate change fund, to be spent on programs that reduce emissions. However, St-Pierre Plamondon said it would be costly to scrap Quebec's cap-and-trade system, which is linked to California's. "There are several options for harmonizing pump prices across provinces, but leaving the carbon market would be the least intelligent option from a cost-benefit perspective," he said in a social-media statement. The new survey also found that 55 per cent of respondents think it would be a good idea to relaunch a pipeline project that would cross Quebec to export oil or gas from Western Canada. Another 26 per cent said it would be a bad idea, while 19 per cent didn't know or refused to respond. Quebec Premier François Legault has repeatedly said there's more openness to pipelines in the province since U.S. President Donald Trump began his tariff war. Speaking at the national assembly on Tuesday, Legault said the province could support an oil or gas pipeline if there are benefits for Quebecers, but said he would invest no public money in such a project. "We're not dogmatic. We're OK with Quebec making money," he said. "The world has changed." The poll surveyed 1,051 people between May 9-11 from Léger's online panel. A margin of error cannot be assigned to panel surveys.
Hamilton Spectator
20-05-2025
- Business
- Hamilton Spectator
Majority of Quebecers think province should end carbon pricing, survey says
MONTREAL - Weeks after Prime Minister Mark Carney scrapped the federal consumer carbon levy, more than half of Quebecers want their province to follow suit and abolish its own price on carbon, a new poll says. Published Tuesday, the Léger survey also found that a majority of Quebecers support building a pipeline across the province to transport oil or gas from Western Canada to international markets. The poll offers the latest evidence of shifting public opinion on environmental issues in Quebec, where there has long been a broad consensus in favour of carbon pricing and against pipelines. Quebec has had some of the highest gas prices in the country since April, when Carney ended the consumer carbon levy that applied in most provinces. British Columbia quickly moved to end its own carbon tax as well, leaving Quebec as the sole province that remains fully committed to carbon pricing. According to the survey conducted for Québecor media properties, 56 per cent of respondents believe Quebec should put an end to its cap-and-trade carbon-pricing scheme. That includes a majority of supporters for all major political parties in the province, except the left-leaning Québec solidaire. Another 28 per cent said the province should keep its price on carbon, while 15 per cent didn't know or refused to answer. An even larger majority – 68 per cent – said the cost of the carbon price should be clearly indicated on gas station receipts, which is not currently the case. The cap-and-trade system adds about 10 cents per litre to the price of gasoline. The survey comes as Statistics Canada reports that lower gas prices drove inflation down across all provinces except Quebec in April. On Tuesday, the agency said the annual pace of inflation in Canada cooled to 1.7 per cent last month, down from 2.3 per cent in March, driven largely by the removal of the consumer carbon price. But in Quebec, the annual inflation rate rose 0.3 percentage points from March to 2.2 per cent in April. According to the website , Quebec on Tuesday had the highest average gasoline price of all provinces except B.C., and had an average price more than 20 cents per litre higher than in Ontario. In response, the Parti Québécois called on the government to reduce the 'unfair gap in the price of gasoline' between Quebec and neighbouring provinces. Leader Paul St-Pierre Plamondon said the government has several options to reduce the disparity, including cutting the province's fuel or sales taxes. Quebec, he added, could also return some of the proceeds from the carbon market to taxpayers. Currently, the money goes to Quebec's electrification and climate change fund, to be spent on programs that reduce emissions. However, St-Pierre Plamondon said it would be costly to scrap Quebec's cap-and-trade system, which is linked to California's. 'There are several options for harmonizing pump prices across provinces, but leaving the carbon market would be the least intelligent option from a cost-benefit perspective,' he said in a social-media statement. The new survey also found that 55 per cent of respondents think it would be a good idea to relaunch a pipeline project that would cross Quebec to export oil or gas from Western Canada. Another 26 per cent said it would be a bad idea, while 19 per cent didn't know or refused to respond. Quebec Premier François Legault has repeatedly said there's more openness to pipelines in the province since U.S. President Donald Trump began his tariff war. Speaking at the national assembly on Tuesday, Legault said the province could support an oil or gas pipeline if there are benefits for Quebecers, but said he would invest no public money in such a project. 'We're not dogmatic. We're OK with Quebec making money,' he said. 'The world has changed.' The poll surveyed 1,051 people between May 9-11 from Léger's online panel. A margin of error cannot be assigned to panel surveys. This report by The Canadian Press was first published May 20, 2025.
Yahoo
01-04-2025
- Business
- Yahoo
Customers relieved, for now, as gas prices fall at B.C. pumps after death of the carbon tax
British Columbians got some relief at the gas pumps on Tuesday as prices tumbled overnight after the consumer carbon tax was eliminated in a marathon legislative session. Several Vancouver gas stations had the price for regular gasoline at $1.72 per litre on Tuesday morning, down about 20 cents from Monday, when prices were nearing $2. By midday, showed most gas stations in the city had regular gasoline at between $1.71 and $1.78 a litre. The cheapest gas in Metro was in Aldergrove, at $1.66. Josh Edwards had been biding his time, waiting for the end of the carbon tax before filling up his Volvo sedan at the Chevron station on Main Street and East 12th Avenue. He welcomed the end of the unpopular tax, even though he was skeptical whether the savings would last long. 'It's good if they actually gave the savings back to the people,' he said. 'I hope so.' He's noticed the steady rise of gas prices over the last week, jumping to about $1.96 on Monday and taking a bite of the savings that kicked in because of the repeal of the tax. 'Early last week, we were pretty close in price, and I saw it jump up until yesterday.' He doesn't know what accounted for those increases, but said, 'it's a little strange, if you ask me.' Several drivers at the gas station also commented on the run-up in price. 'I guess they have to make a few bucks,' said Rob Knight, who likes to fill up in Vancouver rather than Bowen Island, where he lives part-time, because gas there is more expensive. He didn't mind the carbon tax, even though he might not have got the same amount back in carbon tax rebates issued by the B.C. government. 'I don't think people understood it,' he said of the tax, which the Conservative parties in B.C. and Ottawa pledged to axe long before the B.C. NDP and federal Liberals acted to remove it. 'It's getting cancelled for political reasons.' The NDP government fast-tracked its legislation to kill the tax on Monday, in time to coincide with today's demise of the federal version of the tax. The B.C. law, introduced Monday morning, got final approval at about 1:30 a.m. Tuesday. The tax had been in place since 2008, when B.C. became the first jurisdiction in North America to introduce a broad-based carbon levy. Premier David Eby said Monday that the tax played an important role for many years, but it became 'toxic' as a result of campaigns by the B.C. and federal Conservative parties. He told reporters he expected British Columbians to save 17 cents a litre starting Tuesday, and warned oil and gas companies that the tax repeal should be reflected in the prices at the pump. 'Now is not a time to be playing games with essentials for British Columbians or Canadians as a whole,' said Eby on Monday. Patrick DeHaan, head of petroleum analysis at gas tracking site said Tuesday he expects relief in the order of 15 cents a litre at the pumps, accounting for other factors that affect the price. 'Gas prices move for many different reasons all at the same time,' he said, pointing to spring refinery maintenance, refineries switching to making summer grade fuel, and increased demand as the weather warms. A refinery fire in Northern California in February also pinched the market all along the west coasts of Canada and the U.S., said De Haan. 'Unfortunately there are some abnormal circumstances happening there preventing this 17.6 cent rollback from being visible' in B.C., he said. De Haan is expecting the cost of diesel to come down by more than 20 cents a litre, which should have positive ripple effects on the overall economy as it lowers costs for truck drivers, farmers and other users of that fuel. GasBuddy had the national average for a litre of regular unleaded gasoline at $1.52 a¢¢ litre, a drop of 3.1 cents, around midday Tuesday. But De Haan said that data tends to lag what stations are actually posting as price reports from volunteers come in. The GasBuddy system may also need time to validate such a big drop. One of Prime Minister Mark Carney's first actions when he took office last month was to do away with the federal consumer carbon charge, which had previously been set at $80 per tonne — an amount that has increased yearly since it was first imposed in 2019. For Vhea Balbin, who was filling up in Vancouver after school, the price at the pump — about $1.70 a litre for regular — came as a pleasant surprise. She wasn't aware of the carbon tax repeal, she said, but was happy to see the price drop. 'I'm glad it's cheaper today. I don't know if there's any cons to that.' chchan@ With files from The Canadian Press Cross-border travel from B.C. to Washington state plummets B.C. ends its carbon tax on consumers after marathon debate in legislature
