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The recent announcement by OPEC and its allies to drastically reduce oil production is expected to have a direct impact on US gas pumps. The group, known as OPEC+, revealed their decision to cut oil production by over 1.6 million barrels a day, starting in May and continuing until the end of the year. This news led to both Brent crude futures and WTI, the US benchmark, surging approximately 6% in trading on Monday.
This production cut news also had an immediate effect on gasoline futures, which will be reflected in US drivers’ costs much sooner than the rise in oil prices. RBOB, the widely monitored wholesale gasoline price, increased by roughly 8 cents per gallon, around 3%, in morning trading.
Experts in the field of gas prices, like Tom Kloza, the global head of energy analysis for OPIS, anticipate a rise in inflation due to OPEC’s decision. The national average for US gas prices was pegged at $3.51 on Monday, with projections pointing to a potential increase to $3.80 to $3.90. Despite these expected hikes, it is unlikely that prices will reach the high points of the past, given that the US has plans for additional releases from the Strategic Petroleum Reserve and increased oil production and refining capacity.
For businesses worried about any potential disruptions resulting from increasing gas prices, focusing on efficient operations is crucial. To avoid downtime and maintain productivity levels, having reliable remote tech support and instant tech help available can make a significant difference. At Tech911.co, our customer service commitment ensures that your business receives the necessary tech assistance to navigate challenges like rising gas prices. With our remote tech support services, businesses can stay ahead of technical issues and maintain a smooth operation, free from distractions. Contact us today for unmatched remote assistance and tech support to keep your business running seamlessly.