US EditionGasoline prices are likely to dip this summer in the DC area and nationwide
- OPEC reduced its forecast for world oil demand growth in 2025 on Monday, marking the first cut since December.
- The reduced forecast reflects the impact of received data from the first quarter and trade tariffs enacted by the U.S.
- OPEC now projects world oil demand to increase by 1.30 million barrels per day in 2025 and 1.28 million bpd in 2026.
- These forecasts are down 150,000 bpd from last month, and OPEC lowered its world economic growth forecast to 3.0%.
- Mounting uncertainties around trade policy and rising tariff tensions are weighing on global economic growth and oil prices.
48 Articles
48 Articles
Gasoline prices are likely to dip this summer in the DC area and nationwide
A new report from the Department of Energy shows gasoline supplies will be more than adequate this summer and prices will continue to trend lower, even as driving is expected to increase. The DOE’s Energy Information Administration releases its Short Term Energy Outlook report each month. April’s report forecasts the U.S. retail price for regular-grade gasoline will average about $3.10 per gallon this summer, mostly because of expected lower cru…
Tariffs Could Reduce Global Oil Demand, Says OPEC
Crude oil prices tumbled after the Organization of the Petroleum Exporting Countries (OPEC) reduced its global oil demand forecasts for 2025 and 2026, citing the effects of U.S. tariffs. According to OPEC’s latest Monthly Oil Market Report, released on April 14, international consumption will increase by 1.3 million barrels per day (bpd) this year, down from last month’s estimate of 1.45 million bpd. Next year, OPEC expects demand to be 1.28 mil…
Gas prices are falling amid tariff uncertainty, OPEC production hike
Gas prices are dropping ahead of the summer travel season and experts say they'll likely stay low through this year.The national average price for a gallon of gas on Monday was $3.13, according to GasBuddy. That's down eight cents over the past week and down nearly 50 cents from a year ago.Typically, this time of the year is when the price of gas starts to climb. Patrick De Haan, the head of petroleum analysis at GasBuddy, says over the past 10 …
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