Gas Prices Ready For Sharp Drop
One of the major benefits of a drop in oil prices is that gas pieces do, too. Oil has moved from $80 a year ago to $60 today. OPEC+ claims it will continue to increase push production. If so, the world will be awash with oil. Gas prices could drop to a decade-low.
Even during the COVID-19 pandemic, the average price per gallon of regular gasoline nationwide remained well above $3.00. At the other extreme, as Russia invaded Ukraine, the price of crude jumped to over $100, and gas prices surged to nearly $5.Â
OPEC+ Production
Among the reasons gas prices dropped before the OPEC+ production increase, US production has recently reached an all-time high. Russia continues to put only onto th market, although much of it is sold to China and India.
There is also a worry about a recession brought on by tariffs. This has already started to hurt the Chinese economy. China is the largest importer in the world. US consumer confidence has collapsed, meaning GDP growth could contract as it did in the first quarter.
$2.50 Gas
Gas prices could drop well below $3 and perhaps closer to $.2.50. This would give US consumers great financial relief and help the travel and transportation industry, which uses petrochemicals in hundreds of products.
Falling oil prices could affect gas prices.
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