The U.S. Energy Information Administration reports that pump prices on average were 21 cents lower per gallon in 2024 than they were in 2023.

And why it might not have a big impact on U.S. offshore drilling anyway.

A supply glut tends to reduce prices, which could prove challenging for President-elect Trump’s plan to boost U.S. oil production.

The oil cartel is holding back millions of barrels a day.

A softening real estate market and the growing popularity of electric vehicles have contributed to a drop in oil consumption.

Many countries and several states have investment funds meant to grow their wealth and boost infrastructure and other projects.

Once a leading source of oil, California produced fewer barrels of oil in June than in any month since the federal government began counting in 1981.

The Kremlin has been cut off from much of the global economy by sanctions. But have they had the desired effect?

Recession fears blunt demand, lowering prices. But conflict in the Middle East and OPEC+ production cuts could push them up again.

An accurate estimate depends on a whole lot of variables.