Oil Near Prewar Prices, Gas Stays High
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- Oil is nearing its prewar price after the U.S. and Iran agreed to a memorandum of understanding (MOU) intended to end the conflict.
- Gasoline prices remain significantly elevated at the pump despite the drop in wholesale oil prices.
- President Trump has blamed Big Oil for price "gouging" in explaining why drivers aren't seeing relief.
- Analysts counter that individual gas station owners — not Big Oil — are slow to lower fuel prices at the retail level.
Why it matters: American drivers are paying elevated pump prices even as wholesale oil costs normalize after the U.S.-Iran MOU, and the split diagnosis — Trump blaming Big Oil, analysts blaming station owners — means there's no clear policy lever to pull, leaving consumers stuck with higher bills while the political blame game plays out.
