Gasoline prices are down several cents from last week following a drop in the cost of oil . Prices, on average, are almost 40 cents lower than one year ago.
Concerns that Israel would strike at Iranian oil production facilities have spooked oil markets in recent weeks. The nation reportedly is no longer considering those targets , according to CNN citing an anonymous source familiar with Israeli military planning discussions.
“With the potential of an attack on Iran’s oil infrastructure decreasing as a result, the risk calculus for oil is decreasing, and with continued economic weakness in China providing bearish sentiment, oil prices late last week slipped back below the $70 per barrel mark, opening the door for a longer decline to potentially return to the national average,” GasBuddy analyst Patrick De Haan said in a statement Monday…