Fuel Tax Changes Hit Six States As Energy Inflation Accelerates
Key takeaways
- Alex Kimani Sun, June 14, 2026 at 4:00 AM GMT+7 9 min read CL=F Oil markets extended their decline on Friday, with crude prices falling sharply after U.S.
- The decline allowed motorists to enjoy some reprieve at the pump, with national average gas prices falling to $4.15 per gallon from $4.52 a month ago.
- The relief at the pump comes even as energy remains the biggest inflation concern for the broader economy.
Alex Kimani Sun, June 14, 2026 at 4:00 AM GMT+7 9 min read CL=F Oil markets extended their decline on Friday, with crude prices falling sharply after U.S. President Donald Trump said a peace agreement with Iran was close and canceled previously threatened military strikes. Brent crude slipped below $90 per barrel, trading around $88–$89, while WTI fell to roughly $85–$87, as traders priced in the possibility of de-escalation in the Middle East and a potential reopening of the Strait of Hormuz.
The decline allowed motorists to enjoy some reprieve at the pump, with national average gas prices falling to $4.15 per gallon from $4.52 a month ago.
The relief at the pump comes even as energy remains the biggest inflation concern for the broader economy. U.S. consumer prices rose 4.2% in May from a year earlier, the highest annual inflation rate in three years, with energy accounting for roughly 60% of the monthly increase in the Consumer Price Index.