Russia's oil exports reached a new high in early July, but slumping prices significantly reduced income, according to a report by Bloomberg on July 7, 2026. The surge in export volumes was insufficient to offset the decline in global oil prices, leading to lower overall revenue despite the increased physical flow of crude.

Export Volumes and Pricing Trends

The report highlights a disconnect between the volume of oil leaving Russia and the revenue generated from those sales. While the physical quantities have hit record levels, the financial returns have been negatively impacted by falling market prices.

The data underscores the challenges facing the Russian oil sector, where increased production and export capacity are not translating into proportional financial gains due to adverse price movements in the international market.

California Governor Gavin Newsom has urged residents to avoid Chevron gas stations, accusing oil companies of profiting from high costs as Americans continue to pay elevated prices at the pump. The Governor's office attributed the high prices to the ongoing Iran war and advised consumers to skip brand names to save money.

Consumer Advisory

On Saturday, the Governor's official Press Office shared a statement on social media platform X, advising Californians to shop around for unbranded gas. The post stated that unbranded gas offers lower costs and the same quality in California. The office encouraged consumers to keep the extra cash for their holiday rather than spending it on "Big Oil."

Chevron did not immediately respond to a request for comment regarding the Governor's renewed call for a boycott. The advisory follows previous tensions after Chevron put up signs criticizing lawmakers in Sacramento for choosing foreign oil over local jobs.

Gas Price Data

GasBuddy analyst Patrick De Haan reported that the Fourth of July holiday saw prices fall 81 cents lower than their May peak. Despite the drop, prices remained 65 cents higher than a year ago. According to De Haan, gas prices in 41 states remained below $4/gallon.

Data from the American Automobile Association (AAA) confirmed the national average price of gas was $3.8040/gallon on Sunday. States such as Hawaii, California, and Washington continued to pay over $5/gallon, with Hawaii recording the highest cost in the country.

Market and Geopolitical Context

West Texas Intermediate (WTI) crude fell to $68.43/bbl, while Brent crude traded at $71.71/bbl. The United States Oil Fund rose 0.69% to $103.98 on July 2 at market close.

Geopolitical tensions continued to influence the market as Iran’s Deputy Foreign Minister for Legal and International Affairs, Kazem Gharibabadi, reaffirmed that the Strait of Hormuz remains under Tehran’s command. This statement followed a U.S. Central Command security summit in Bahrain to discuss regional security with Qatar, the UAE, and Saudi Arabia.