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The recent announcement by OPEC and its allies to cut oil production will undoubtedly impact US gas prices. With a reduction of over 1.6 million barrels a day starting in May, drivers can expect to see an increase at the pump soon. This news has already driven up both Brent crude futures and WTI, along with wholesale gasoline prices.
“I think OPEC is reawakening the inflation monster,” said Tom Kloza, global head of energy analysis for OPIS. “The White House has to be shocked and major-time pissed. It certainly alters the calculus for a while.”
At $3.51 per gallon on Monday, the national average for US gas prices is already on the rise. Kloza predicts it could reach $3.80 to $3.90 soon, thanks to OPEC’s decision. While we may not see $5 a gallon, the potential for higher prices exists, especially in the event of any production disruptions due to unforeseen circumstances.
Despite the increase in gas prices, the US is better positioned now compared to 2022. Additional releases from the Strategic Petroleum Reserve and increased oil production and refining capacity are helping stabilize prices. However, the 1 million barrel per day cut by OPEC+ will pose a challenge to make up for the reduced supply.
“They have the ability to cut production and they seem motivated to do so,” Kloza added.
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