TAMPA, Fla. - Oil and gas prices have showed some stability with minimal decreases throughout the past few weeks after multiple reports have shown slow economic growth in China, increased value of the U.S. dollar, and easing tensions with Iran.
On Saturday, members of the United Nations met with Iran in Turkey to discuss a compromise in regard to Iran's nuclear efforts. This was the first meeting with Iran in 15 months and leaders called the meeting "constructive." Members of the United Nations and Iran are scheduled to meet again on May 23.
As a result of the meeting, the European Union (EU) has been asked to delay its July 1 sanction to ban oil imports from Iran in an effort to increase the probability of a positive meeting on May 23. The EU has yet to comment on whether or not they will postpone the embargo.
"The seemingly amicable talks with Iran on Saturday are likely to further ease tensions over the concern Iran will block the Strait of Hormuz and cut off a large portion of global oil supply. The lessened concern with Iran coupled with slow economic growth in China, and ample supply will very likely cause gas prices to drop," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "This is positive news for motorists who may start to see some relief at the pump as the summer driving season approaches."
The national average price of regular unleaded gasoline is $3.90, a 2-cent decrease from last week. Florida's average of $3.94 and Georgia's average of $3.83 both decreased 3 cents from last week. Tennessee's average price of $3.77 also dropped 2 cents from last week, respectively.
Saturday
July 12th, 2025
3:23PM
