Oil Prices Plummets

Oil was down 5% today and is now priced below the level it was on the day the Iran War started. That’s a dramatic turnaround, and precisely what President Trump expected and desired. Wall Street Journal:

The U.S. oil benchmark fell to around $70 a barrel on Wednesday, a roughly 27% drop from early June, quickly approaching the $67.02 where it settled the session before the conflict began. By comparison, the average price of a gallon of gasoline has dropped by less than 4% since the deal was reached. (Wall Street Journal.)

Now that oil is gushing out of the Gulf, traders are breathing a sigh of relief.

But gasoline prices are taking longer to fall. That is how markets work, but Trump isn’t buying