OPEC+ Steps Up, US Gas Prices Take a Hit.
In a move that is expected to send shockwaves through the global energy market, OPEC+ announced on Sunday that it would slash oil production by over 1.6 million barrels per day, starting in May and continuing until the end of the year. This surprise announcement has sent Brent crude futures and WTI surging up by around 6% in Monday's trading, with gasoline futures also skyrocketing. As a result, US gas prices are likely to rise sharply.
According to Tom Kloza, global head of energy analysis for OPIS, which tracks gas prices for AAA, OPEC+ is "rewakening the inflation monster." He believes that this move will have a significant impact on US drivers, who can expect their gas prices to rise by up to 8 cents per gallon. The current national average price for US gas stands at $3.51, and Kloza predicts it could reach as high as $3.80 to $3.90 in relatively short order.
While some experts believe that the average US regular gas price last year stood at $4.19 a gallon, prices eventually reached a record high of $5.02 on June 14 before declining over three months due to concerns about a potential recession. However, Kloza argues that this latest move by OPEC+ will not be easy to make up for, as the US plans additional oil releases from its Strategic Petroleum Reserve and has seen an increase in domestic production and refining capacity.
The cut in oil production is expected to have a significant impact on energy markets, with prices rising sharply due to reduced supply. Kloza believes that while $4 seems unlikely, the summer months could see prices rise again if there are any further disruptions to global oil supplies.
In a move that is expected to send shockwaves through the global energy market, OPEC+ announced on Sunday that it would slash oil production by over 1.6 million barrels per day, starting in May and continuing until the end of the year. This surprise announcement has sent Brent crude futures and WTI surging up by around 6% in Monday's trading, with gasoline futures also skyrocketing. As a result, US gas prices are likely to rise sharply.
According to Tom Kloza, global head of energy analysis for OPIS, which tracks gas prices for AAA, OPEC+ is "rewakening the inflation monster." He believes that this move will have a significant impact on US drivers, who can expect their gas prices to rise by up to 8 cents per gallon. The current national average price for US gas stands at $3.51, and Kloza predicts it could reach as high as $3.80 to $3.90 in relatively short order.
While some experts believe that the average US regular gas price last year stood at $4.19 a gallon, prices eventually reached a record high of $5.02 on June 14 before declining over three months due to concerns about a potential recession. However, Kloza argues that this latest move by OPEC+ will not be easy to make up for, as the US plans additional oil releases from its Strategic Petroleum Reserve and has seen an increase in domestic production and refining capacity.
The cut in oil production is expected to have a significant impact on energy markets, with prices rising sharply due to reduced supply. Kloza believes that while $4 seems unlikely, the summer months could see prices rise again if there are any further disruptions to global oil supplies.
. i hope our school's administration can do something about it tho, like maybe offering cheaper transportation options or somethin' 
. but you know what? it actually ended up being one of the best experiences of our lives! we made so many memories, laughed a lot, and didn't really care about the prices... now imagine that with gas prices going up again 
. i guess some people might get all worked up about it, but for me, it's just another thing to deal with in life 
. what do you guys think?
OPEC+ just dropped the bombshell that'll shake up our wallets - they're slashing oil production by 1.6 MILLION barrels per day! 
️ That's like, a huge deal for the energy market 
, and I'm not surprised when Tom Kloza says OPEC+ is "rewakening the inflation monster" 
! US drivers better buckle up, 'cause gas prices could hit $3.80-$3.90 per gallon?! 
! It might be tempting to think we're back at $4.19 per gallon last year 
! Mark my words, prices will bounce back up in the summer if global supplies get disrupted again 
!
. I mean, who doesn't love a good price surge? It's like getting free gas money or something! And yeah, the inflation monster is going to come roaring back, and that's just fine by me. I'd rather see higher prices now than have to deal with lower wages and stagnant living standards later on.
and now gas prices in the us r gonna skyrocket!! i mean, we knew it was only a matter of time before this happened lol... 
tom Kloza is saying we can expect our gas prices to rise like 8 cents per gallon? that's straight up $$$ 
and btw, $3.80 to $3.90 seems like a lot for us to handle