As President Trump predicted, oil is going back down. However, he does feel oil companies might be gouging, and he is having it investigated.
Oil was down 5% today and is now priced below its level on the day the Iran War started. That’s a dramatic turnaround.
The Wall Street Journal reported that 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 level at which 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.
Now that oil is gushing out of the Gulf, traders are breathing a sigh of relief and ecstatic enough to bet that the good times are back.
As for the oil companies, it takes time for prices to go down. It’s doubtful they are gouging.
