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OPEC and its allies’ surprise move to slash oil production will soon impact US gas prices. The group known as OPEC+ recently announced a cut to oil production by more than 1.6 million barrels a day starting in May, continuing through the end of the year. As a result, both Brent crude futures, the global oil benchmark, and WTI, the US benchmark, surged about 6% in trading on Monday.
The production cut will quickly affect gasoline futures, which will be passed on to US drivers. RBOB, the most closely monitored wholesale gasoline price, rose about 8 cents a gallon, or roughly 3%, in morning trading. This development could prompt an increase in gas prices across the nation.
“I think OPEC is reawakening the inflation monster,” said Tom Kloza, global head of energy analysis for OPIS, a company that tracks gas prices for AAA. With the potential for gas prices to reach $3.80 to $3.90, the move by OPEC may significantly impact consumer budgets in the coming months.
At Tech911.co, we understand the importance of uninterrupted business operations which is why our team of certified technicians is dedicated to resolving technical issues promptly and efficiently. By focusing on core business activities without interruptions, your organization can thrive while receiving instant tech help from our expert team.
While we may not see gas prices as high as previous years, potential external factors like hurricanes or storms could still affect production along the Gulf Coast and impact prices. However, with our customer service and remote tech support, we ensure that your business remains prepared for any technological challenges that may arise.
At Tech911.co, we are committed to providing superior tech assistance and remote tech support to businesses, allowing them to adapt and thrive in today’s ever-changing landscape. Contact us today for instant tech help and seamless solutions for your IT needs.