&imwidth=800&imheight=600&format=webp&quality=medium "25 pumps are selling cheaper gas in one particular area of US. Check out price and details")
The White House is selling cheaper fuel in one region at 25 Freedom Fuel gas stations. This has been done to help take some stress off the people after gas prices soared following the increase in the cost of crude oil due to the US-Iran war. According to USA Today, the gas stations are located in the greater Philadelphia area, where fuel is being sold for $3.47 a gallon. This is only slightly lower than the fuel prices in other parts of the country. According to AAA data, the national average price of fuel was $3.79 on Tuesday, July 7.
The White House announced the initiative on July 7, with a video showing customers thanking President Donald Trump. It shows an unidentified man saying, "I thought gas was more expensive, but it's not," the man, who was not identified, said. "Thanks, Trump, for saving me some money." The war in Iran led to a sharp spike in oil prices, which consequently increased the price of fuel as well. Trump's latest move comes four months before the November mid-term elections, and seems to be a way to appease the people.
Crude oil prices amid the Iran war
United States and almost every other country witnessed a rise in fuel prices because of the war. Brent crude shot up by more than 55% and nearly hit $120 a barrel at one point after the Strait of Hormuz was closed. Ships couldn't pass by, creating a shortage in supply, which pushed the prices up. As the situation mellowed down and the two countries signed an MoU to open the strait, prices started falling. However, fresh US strikes on Wednesday (July 8), West Texas Intermediate, the US benchmark, rose 2.63 per cent to $72.29 a barrel.
Even though gasoline prices began to fall after the agreement, at fuel pumps, crude oil, refining costs, distribution and marketing, and federal and state taxes continue to spike the prices. AAA data shows average gas prices in Hawaii, California, and Washington were above $5 a gallon on July 7. Meanwhile, Indiana, Oklahoma, and Texas have the lowest prices.
