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Oil Prices Sink to 7-Month Low
The price of petroleum has dropped to a seven-month low in the past week, apparently because of efforts by President Donald Trump to reverse a run-up in prices caused by impending U.S. sanctions against Iran.
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The price of petroleum has dropped to a seven-month low in the past week, apparently because of efforts by President Donald Trump to reverse a run-up in prices caused by impending U.S. sanctions against Iran.
Oil prices have dropped 15% in the past 30 days. Analysts point to eased regulations that encourage U.S. shale oil production, plus releases of stored crude oil by the U.S. Strategic Petroleum Reserve.
The new U.S. trade sanctions on Iran began yesterday. But the White House promptly granted 180-day waivers for Iran’s eight largest oil customers: China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey. Analysts say the move will keep global oil supplies high—and likely drive petroleum prices lower—over the next six months.
The effect has trickled down to retail fuel sales in the U.S. Average prices have dropped 17 cents to $2.75 per gallon over the past month, according to AAA. Average gasoline prices are still 22 cents higher than they were a year ago.
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