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President Trump announced a historic oil deal with Venezuela, promising to double US reserves and cut gasoline prices. Yet analysts remain skeptical, citing the heavy, hard-to-refine nature of Venezuelan crude and limited refinery capacity. The deal may bring long-term benefits, but immediate price relief appears unlikely.
Walmart reported its slowest US same-store sales growth in six years, up just 2.6% in Q2, as consumers cut back due to high gasoline prices and inflation. The company is cutting prices on thousands of items, partly funded by a $2.9 billion tariff refund, but expects short-term pressure.
After Nigeria ended its fuel subsidy, prices soared, making electric motorcycles an attractive alternative for many riders. Though still costly and hampered by patchy electricity, early adopters report savings and smoother rides, with experts urging supportive policies.
US consumer inflation eased in July as energy prices fell 1.5% month-over-month, though they remain 14.7% higher year-over-year. The CPI rose 0.1% for the month and 3.4% annually, while food prices gained 3% year-over-year.
The Federal Reserve's preferred inflation gauge rose 3.8% in April, the highest since 2023, driven mainly by a 5.5% surge in gasoline prices amid geopolitical tensions with Iran. Consumer spending increased 0.5%, and the saving rate fell as households tapped savings. Analysts expect the Fed to keep rates elevated until at least 2027.
Only 16% of Americans rate the economy positively as Gallup's confidence index sinks to -45, driven by surging gas prices and inflation linked to the Iran conflict. The poll shows 76% expect further deterioration, and a majority disapproves of President Trump's handling of the war.
US gas prices have surged 50% since the US and Israel launched military operations against Iran, with the average reaching $4.48 per gallon. A blocked Strait of Hormuz has exacerbated global energy shortages, driving crude oil prices higher. Despite a brief ceasefire in April, prices continue to climb, fueling inflation and political pressure on President Trump.
Average US gasoline prices hit $4.30 per gallon, a four-year high, as the standoff with Iran and closure of the Strait of Hormuz drive crude above $100/barrel. President Trump insists prices will fall sharply after the war ends, but analysts warn oil costs don't automatically cool with a ceasefire. California saw prices exceed $6/gallon, and the spike has dented Trump's approval ratings amid rising public discontent.
