Low- and middle-income Americans, who have been squeezed particularly hard by rising prices generally over the past year, are now paying an average of around $2.80 at the pump, the lowest level since early 2021, according to the U.S. Energy Information Administration.

Oil and gasoline prices could rise slightly due to Venezuelan export losses and geopolitical uncertainty, though pump prices remain at COVID-19 lows.

Manulife John Hancock Investments co-chief investment strategist Matt Miskin discusses how much Wall Street is expecting the Federal Reserve to cut interest rates in 2026, along with the weaknesses that the US labor market and Treasury yields (^TYX,

The company said declining prices for liquids, which accounts for both crude and condensate oil, would lower its upstream earnings by $800 million to $1.2 billion compared to the third quarter.

Despite rising political risks in oil-producing countries, energy markets remain calm as structural shifts in demand, diversification into renewables, and strategic supply buffers reduce the impact of traditional geopolitical shocks on oil prices.

U.S. President Donald Trump is facing intensifying domestic and international pressure after the Venezuelan government declared a form of resistance in response to the U.S. capture of President Nicolás Maduro during a military operation earlier this month.