 Energy & Environment |
Energy & Environment |
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Iran strikes could bring modest increase at the pump |
Americans could see modest increases in the prices they pay at the pump in the wake of increasing conflict with Iran, analysts say. |
Andrew Lipow, president of consulting firm Lipow Oil Associates, told The Hill on Monday that any additional increases in gasoline prices will likely be just a few cents. "I expect that gasoline prices are going to drift up about three to five cents a gallon over the next couple of weeks," Lipow said. He added that after an initial 5 percent jump in the price of crude oil, "the market has sold off since then and now has turned negative." Oil prices fell Monday, and U.S. benchmark WTI crude was down to about $69 per barrel Monday afternoon — after jumping as high as $75 per barrel late last week in anticipation of U.S. strikes on Iran. The U.S. hit Iranian nuclear facilities Saturday night, bringing the country directly into Iran's conflict with Israel. Gasoline prices were higher Monday, averaging $3.22 per gallon, up from $3.14 a week ago. Austin Lin, principal analyst for refining and oil products at Wood Mackenzie, told The Hill he believed that fuel prices were higher than they would otherwise be as a result of the conflict, but that he did not believe they would rise much further. "There's a good argument that says Q3 versus everyone's expectations from a month ago is going to see higher pricing," Lin said. "I would temper that and say, I don't think there's probably a lot of uplift from where we currently are." Read more on the subject at TheHill.com. |
Welcome to The Hill's Energy & Environment newsletter, I'm Rachel Frazin — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains. |
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How policy will affect the energy and environment sectors now and in the future: |
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New York Gov. Kathy Hochul (D) ordered the state’s public power utility this week to start working on a zero-emissions advanced nuclear energy site that would be the nation’s first major nuclear plant project in nearly two decades. |
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In the wake of the U.S. attack on Iranian nuclear facilities, President Trump on Monday urged "everyone" to keep oil prices down. |
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The Senate parliamentarian says Republicans cannot include a measure that would force the sale of electric vehicles (EVs) used by the U.S. Postal Service in their "big, beautiful bill." |
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How to phase out Biden-era green energy tax credits is emerging as a key flashpoint among Senate Republicans as they seek to advance their version of the "big, beautiful bill." |
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News we've flagged from other outlets touching on energy issues, the environment and other topics: |
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There Might Not Be a Map for That: Budget Cuts Threaten Geological Surveys (The New York Times)
A potent heat dome is building over the US, sending temperatures into the triple digits (CNN)
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Upcoming news themes and events we're watching: |
- The House Small Business Committee will hold a hearing titled "Securing America's Mineral Future: Unlocking the Economic Value Beneath Our Feet"
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Two key stories on The Hill right now: |
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The Supreme Court on Monday lifted judge-imposed limits on the Trump administration's deportations to countries where migrants have no ties over a scathing dissent from the court's liberal justices. Read more |
| Former U.S. Ambassador to Russia Michael McFaul offered warnings on Saturday of how U.S. strikes on Iran could influence U.S. adversaries around the world. Read more |
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You're all caught up. See you tomorrow! |
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