Overview

• The national average price for a gallon of regular gasoline was $3.20 on June 27, marking the lowest summer level since 2021 and more than 20 cents below a year ago.
• U.S. shale production has expanded sharply since the early 2010s, adding domestic supply that blunted price shocks after mid-June Israel-Iran strikes.
• OPEC+ commitments to boost output have kept Brent crude trading near $67–$78 per barrel following brief mid-month spikes.
• Tanker traffic through the Strait of Hormuz remains in line with monthly norms, averting disruptions to global oil flows.
• AAA forecasts nearly 62 million Americans will drive over the Fourth of July holiday and analysts predict pump prices will stay between $3.00 and $3.20 through peak summer demand.