Business
Why White House Sees Gasoline Prices Falling More
As of Thursday, the U.S. Navy has redirected 53 commercial vessels in the Strait of Hormuz, and disabled and boarded two each, according to U.S. Central Command’s recent update as of Saturday. It also said it has permitted more than 30 vessels to pass through the blockade for humanitarian aid.
Oil prices hovered at $83.55 a barrel for Brent crude and around $77 a barrel for WTI as of Friday, and gasoline prices at the retail pump are at about $4.01 a gallon, down from $4.09 a week ago but up from $3.15 a gallon a year ago.
Top White House economic advisor Kevin Hassett cited a number of reasons oil prices have been coming down since their recent Iran war peak above $100 a barrel, including the U.S. Navy escorting commercial vessels through the Strait of Hormuz, increased oil production in the U.S., a waiver of the Jones Act that allows 100 million barrels of oil produced along the U.S. Gulf Coast to be shipped to the East and West coasts.
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