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Nationwide, U.S. drivers are again paying about $4 a gallon for regular gasoline after renewed fighting with Iran sent oil prices climbing and raised fresh concerns about global fuel supplies.
Among the worst hit states is California, where drivers are paying close to $5.50 a gallon on average, according to AAA (1).
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Meanwhile, the national average price for a gallon of regular gasoline topped $4 on July 20, up about 13 cents from a week earlier and well above the roughly $3.14 drivers were paying at this time last year. While the national average has reached that milestone, prices vary widely across the country, (2) with states such as Indiana and Mississippi continuing to see significantly lower prices.
This follows President Donald Trump’s repeated claims that gas prices would drop. In a Truth Social post (3) on July 12 Trump said, “Prices coming down along with the lowering of oil and gas.”
Brent crude, the international oil benchmark, traded between roughly $86 and $91 per barrel on the 20th after hovering closer to $72 at the beginning of July. Because crude oil is the primary ingredient used to make gasoline, higher oil prices typically work their way to the pump as refineries process more expensive supplies.
Gas prices did ease earlier this month following an interim agreement between Washington and Tehran that temporarily reduced concerns about shipping disruptions through the Strait of Hormuz. But with that agreement now collapsed and military attacks escalating, uncertainty over future oil supplies has returned.
Analysts are also watching shipping activity through the Strait of Hormuz closely.
S&P Global Energy said vessel crossings fell 50% last week compared with the previous week, as mainstream shipowners remained cautious about transiting the waterway, according to AP (2), adding to concerns that supply disruptions could persist even if fighting subsides.
Protect your long-term financial plan
Paying more at the pump squeezes households, but higher fuel costs can also put pressure on retirees and investors managing regular portfolio withdrawals. Periods of geopolitical uncertainty can create serious questions about protecting a long-term financial plan from inflation and market volatility.
And, if that market volatility lasts years, it could devastate years of work building a nest egg.
For investors with portfolios of $250,000 or more, financial decisions like these become even more nuanced. Aside from managing volatility, there’s also minimizing tax exposure and trying to ensure your long-term sustainability to think about.
In these cases, working with a financial advisor could help reduce costly mistakes.
For those with portfolios of this size, platforms like WiserAdvisor can connect you with vetted professionals who specialize in this kind of planning.
All you have to do is answer a few questions about your savings, retirement timeline and overall investment portfolio.
From there, WiserAdvisor reviews its network to match you — for free — with up to three vetted, reputable advisors aligned with your specific needs.
You can then schedule no-obligation consultations with your matches to find out who’s the best fit for your long-term goals.
WiserAdvisor is a matching service and does not provide financial advice directly. All matched advisors are third parties, and specific financial results are not guaranteed.
Read More: Millionaires under 43 hold only 25% of their wealth in stocks. Here’s where their money is actually going
Stay informed during market volatility
Even if the conflict doesn’t directly affect your daily commute, geopolitical events can ripple through financial markets just as quickly as they affect prices at the pump. For investors, periods of uncertainty can make it more difficult to separate short-term headlines from long-term opportunities.
Moby offers expert research and recommendations to help you identify long-term investment opportunities with insights from former hedge fund analysts.
Over the past four years, nearly 400 of Moby’s stock picks have outperformed the S&P 500 by an average of almost 12%. The service also includes a 30-day money-back guarantee.
Rather than spending hours sorting through earnings reports, economic data and market headlines, you can receive stock and crypto research delivered straight to you. Moby’s research is designed to help investors stay informed about changing market conditions while reducing the guesswork behind evaluating stocks, ETFs and other investments.
Whether you’re just getting started or looking to sharpen your investing strategy, Moby’s easy-to-follow reports can help you become a smarter investor in just five minutes.
Diversify your retirement portfolio now
While no investment can eliminate risk entirely, many investors use periods of geopolitical uncertainty as an opportunity to review whether their portfolios are adequately diversified. One asset some retirees and long-term investors consider as part of that strategy is physical gold.
The logic here is simple: Unlike fiat currencies, such as the U.S. dollar, gold can’t be printed at will by central banks to fight inflation. It also tends to hold its value well during a downturn, giving your portfolio a bit of insulation from shocks.
Goldco offers investors a way to hold physical gold and other precious metals within a self-directed gold IRA, combining the potential diversification benefits of precious metals with the tax advantages of an individual retirement account.
With a minimum purchase of $10,000, Goldco provides free shipping, access to a library of educational retirement resources, and matches up to 10% of qualified purchases in free silver.
If you’re exploring ways to help protect your retirement savings from inflation and broader economic uncertainty, you can download Goldco’s free gold and silver information guide to learn whether a gold IRA may be a good fit for your long-term financial plan. Just keep in mind that gold is often best used as one part of a thoroughly diversified portfolio, not a wholesale replacement.
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Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
AAA (1); AP News (2); Truth Social (3)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
