According to reports from leftist and more right-of-center news organizations, there is a consensus that gas prices are likely headed upward in the near future.
Due to the Saudi-ruled Organization of the Petroleum Exporting Countries (OPEC+) decision to reduce oil output by two million barrels per day could lead to higher oil prices and, thus, higher gasoline prices at the fuel pump, according to Fox Business.
“Gas prices are dropping sharply and are only a nickel more per gallon than a year ago,” Andrew Gross, AAA spokesperson, said to Fox. “But with oil being the main ingredient in gasoline, OPEC+’s move could slow this decline.”
CNN added, in a report titled, “Big Oil stocks are pointing to higher gas prices to come,” “The S&P 500 is down more than 17% this year while shares of Exxon, Halliburton and Chevron are all up more than 45%. Oil prices and energy stocks are closely interlinked — so this discrepancy is an odd one and could mean that lower gas prices may not be here to stay.”
“While crude prices are dropping, equities traders appear to be taking on a different bet: They’re hoping that OPEC’s recent decision to stick with supply cuts and Europe’s agreement to cap the price of Russian oil at $60 a barrel will keep the global supply of oil very tight, even if demand drops.”
The report continued that prices are likely to go up, though, according to historical trends, noting, “In the end, the divergence may be temporary: In four of the five major splits between oil and energy stock prices since 1990, oil returned to a rally in the year that followed, according to Bespoke Investment Group.”
Gas price averages across the country are down by one cent versus last week, while down by an average of 14 cents versus last month, according to AAA.
New Mexico’s average gas price is $3.13. The county with the lowest price is reported to be Valencia County at $2.82. Under the Joe Biden administration, New Mexico recorded its highest-ever average gas price of $4.83 for regular unleaded and $5.60 for diesel in June of 2022.
Meanwhile, back at U.S oil fields….. crickets.
Higher gas prices are by design to drive ( pun intended) us to green energy.
The global banking mafia sets all oil prices. Ever since Standard Oil Co monopoly. And the US Dollar was previously tied to the Saudi/Israel Petrodollar system since the 70s. So all this shock is just the death of the former currency system. Do people really think the similarities of the faked 70s oil panic with today is coincidental? Faked scarcity has been the trick of the monopoly holders.
Thanks to Wuhan lujan and the Democrats we will be having a much bigger crisis than gasoline because of the idiotic not so green New deal… Not only heating but it will affect our food supply
https://principia-scientific.com/heating-is-the-coming-crisis-brought-on-by-green-stupidity/
I’m surprised the price is as low as it is! Which means it will increase enormously beginning any time now as the midterms are over. They’ll find some excuse for this other than the truth.
Well DUH – since His Fraudulency, pRezident Jao Xidung has drained the Strategic Petroleum Reserve and still has U.S. production locked down and the Dominion dimmoKKKraps have stolen another election – which way can gas prices go but up?
But wait until the next disaster hits – NO FOOD. You better stock up on basic necessities – rice, ammo, beans, ammo, flour, ammo, water, ammo, TP, ammo, canned goods, ammo, basic meds, ammo – because it’s time for TSHTF
Good Luck
I’m not buying it. I think oil has limited downside from here, but also limited upside. We are on the brink of another recession, a real one with high unemployment. This is going to put a huge drag on demand for oil. I would not be long or short oil right now.