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OPEC and its allies’ surprise move to slash oil production will soon be felt at US gas pumps. The group, known as OPEC+, announced on Sunday that it would cut oil production by more than 1.6 million barrels a day starting in May and running through the end of the year. This news immediately caused both Brent crude futures, the global oil benchmark, and WTI, the US benchmark, to increase by about 6% in trading on Monday.
The production cut announcement also had an immediate impact on gasoline futures, which will be passed on to US drivers much more quickly than the spike in oil prices. RBOB, the most closely watched wholesale gasoline price, was up about 8 cents a gallon, or about 3%, in morning trading.
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“I think OPEC is reawakening the inflation monster,” said Tom Kloza, global head of energy analysis for OPIS, which tracks gas prices for AAA. “The White House has to be shocked and major-time pissed. It certainly alters the calculus for a while.”
The national average for US gas prices stood at $3.51 on Monday, according to AAA. Kloza said he could see it getting up to $3.80 to $3.90 in relatively short order due to the move by OPEC.
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Kloza mentioned that US drivers could be back above year-earlier prices by the end of the summer, especially if there is a hurricane or other storms affecting production along the Gulf Coast. However, at Tech911.co, we are dedicated to offering tech assistance to help businesses navigate any technical challenges that may arise.
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