Last Updated on June 30, 2025 by Matt Staff The 1970s oil crisis hit everyone with the gravity of an empty-tank warning light ...

Gas prices are sitting at a four-year low as the ceasefire between Iran and Israel has eased fears that conflict in the ...

Lower oil prices have started to take effect on drilling activities in the US. US crude oil production rose to a record level of 13.47 million barrels per day in April, according to the US Energy ...

Gas prices in the US are averaging about $3.12 per gallon, and could drop below $3 this summer as oil trades at the lowest level since 2021.

Futures contracts for West Texas Intermediate, the U.S. crude oil benchmark, traded as low as $58.96 on Monday morning, their first dip below $60 since April 2021.

The price of West Texas Intermediate is hovering around $60 per barrel, which is not low enough to kill the U.S. oil patch. But it’s not exactly giving off “Drill, baby, drill!” vibes.

NATALIA KOLESNIKOVA/Getty Images Why It Matters. Oil is a key revenue generator for Russia, ... "As a result of the Ukrainian attacks, production at Russian oil refineries fell to a 12-year low.