Overview

• The national average fell to $3.207 per gallon Friday, down from $3.22 Thursday and more than 20 cents below this time last year, marking the lowest late-June price since 2021.
• A ceasefire between Israel and Iran has pushed global oil benchmarks back to pre-attack levels, helping to stabilize pump prices.
• Surging US crude output since the shale revolution and planned OPEC+ production increases have built a supply cushion against geopolitical shocks.
• The US sources just 7% of its oil through the Strait of Hormuz—the route for 20% of global flows—limiting domestic exposure to disruptions.
• AAA projects nearly 62 million Americans will drive for the Fourth of July holiday, a 2.2% increase from 2024.