US gas prices are set to soar as OPEC+ announces a surprise 1.6 million-barrel-a-day reduction in oil production, which will likely be passed on to consumers at the pump.
The move, announced by the Organization of the Petroleum Exporting Countries and its allies, sent global oil benchmarks Brent crude and WTI surging by around 6% on Monday, with US gasoline futures also increasing by about 8 cents per gallon. This means that Americans can expect their gas prices to rise in the coming weeks.
Energy analyst Tom Kloza predicts that gas prices will reach $3.80 to $3.90 per gallon within a relatively short period of time. While he believes that prices won't surpass the record highs seen in 2022, when gas reached an average of $5.02 per gallon, he notes that prices could rebound if there is a hurricane or other storms affecting production along the Gulf Coast.
The decision by OPEC+ to cut production comes as global energy markets are facing increased uncertainty due to Russia's invasion of Ukraine and ongoing conflicts in the Middle East. In 2022, gas prices skyrocketed after the Russian invasion, with US drivers facing an average price of $4.19 per gallon before eventually declining over several months.
However, Kloza notes that this latest move by OPEC+ will not be easy to offset, as US oil production and refining capacity are now more robust than they were at the time of the 2022 invasion. Nevertheless, he believes that the group's ability to cut production and their motivation to do so will ultimately lead to higher gas prices.
As a result, Americans can expect gas prices to rise in the coming weeks, with many analysts predicting that prices won't return to pre-pandemic levels anytime soon.
The move, announced by the Organization of the Petroleum Exporting Countries and its allies, sent global oil benchmarks Brent crude and WTI surging by around 6% on Monday, with US gasoline futures also increasing by about 8 cents per gallon. This means that Americans can expect their gas prices to rise in the coming weeks.
Energy analyst Tom Kloza predicts that gas prices will reach $3.80 to $3.90 per gallon within a relatively short period of time. While he believes that prices won't surpass the record highs seen in 2022, when gas reached an average of $5.02 per gallon, he notes that prices could rebound if there is a hurricane or other storms affecting production along the Gulf Coast.
The decision by OPEC+ to cut production comes as global energy markets are facing increased uncertainty due to Russia's invasion of Ukraine and ongoing conflicts in the Middle East. In 2022, gas prices skyrocketed after the Russian invasion, with US drivers facing an average price of $4.19 per gallon before eventually declining over several months.
However, Kloza notes that this latest move by OPEC+ will not be easy to offset, as US oil production and refining capacity are now more robust than they were at the time of the 2022 invasion. Nevertheless, he believes that the group's ability to cut production and their motivation to do so will ultimately lead to higher gas prices.
As a result, Americans can expect gas prices to rise in the coming weeks, with many analysts predicting that prices won't return to pre-pandemic levels anytime soon.
Oh man, this is not good news for US drivers! So OPEC+ just announced they're gonna cut production by 1.6 million barrels a day - that's huge! And it's already causing the price of oil to surge. I can see why energy analyst Tom Kloza thinks gas prices are gonna skyrocket - $3.80 to $3.90 per gallon? That's crazy! 
, like anyone really believes that? I'm calling it now: we're gonna see a whole lot more $3+ gas prices and people are gonna lose their minds 
. This is just one of those situations where the powers that be are trying to squeeze every last penny outta us...
this opec+ move is not good news for americans...i mean, we're already paying like $3 a gallon and now they're saying prices could hit $3.80-$3.90? that's crazy talk 
i remember when the russian invasion happened in 2022, gas was like $5 a gallon...now it's more manageable, but still expensive 
anyway, it looks like we're in for a price hike 
I'm telling you, it's all about control... and who profits from this chaos? 
Meanwhile, our wallets are going to be taking the hit. I mean, $3.80 to $3.90 per gallon? That's just a slap in the face for American consumers. And don't even get me started on the hurricane and storm predictions... that's just a way to keep us on edge and keep buying into their narrative. 
. I'm all for conservation and whatnot, but can't they find a way to make it work without screwing over consumers? 
. I'm still trying to save up for my road trip and now gas prices are about to go up? 
. Anyone else having to adjust their travel plans because of the rising cost of fuel? I'm trying to be responsible as a parent, but it's hard when you have kids who are so excited about something 
.
but now it seems like they're gonna get worse again 
Like, how can anyone predict the future and get it so right? 
.
! It's about time we made some lifestyle changes to reduce our carbon footprint, right? Plus, think of all the extra cash we'll have for other things like food, clothes, and travel 
! So, while it's not ideal, I'm trying to see this as an opportunity for a positive change in our daily lives 
.