Gassed Prices – OPEC Oil Cut 🛢📈

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Gassed Prices – OPEC Oil Cut

For a moment, energy costs were starting to settle in parts of the world. As the midterms are approaching, Biden and the Democrats gained steam due to this. Gas prices, the most popular statistic of the recent inflationary period, fell close to normal levels after becoming unaffordable for many Americans. We’ve discussed this week that major things have occurred regarding the energy markets, the most recent one being the OPEC oil cut from yesterday.

The OPEC decision has put American progress in major jeopardy, and the government has some new things to do. Gas prices are already starting to rebound, increasing every day in the last 2 weeks to reach a national average of $3.83 per gallon, a figure that is relatively high as we enter the winter months. The OPEC decision, paired with unplanned maintenance across refineries in the US, have been the main creators of this issue, and this could make the inflation report real nasty. The US has already started to release oil from its reserves, but that itself won’t solve the problem. The Biden administration has called for corporations to produce more oil, and they might consider limiting exports to keep prices low domestically. Demand for fuel is continuing to stay strong with drivers consuming 8.77 million barrels of oil per day, according to the EIA last week. Higher gas prices are likely going to impact the economy in a negative way, but this will affect more than the economy. Republicans have been slowly gaining in the last few weeks, and an increase in gas prices will definitely be noticed as they go to the ballots in November.

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