Energy & Science
Don’t Get Too Excited About Cheap Gas
A customer fuels a vehicle at night at a Phillips 66 gas station in Henry, Illinois.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
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On Monday, Russia and Saudi Arabia signaled the start of an oil price war with plans to pump millions more barrels of oil than the world currently consumes. As of the close of U.S. trading on Wednesday, benchmark Brent and West Texas Intermediate crudes were trading more than 45% off their highs of earlier this year. With industrial activity in China still lower than normal due to the Covid-19 pandemic, gasoline prices could head significantly lower—and stay lower for some time.