#gas #youtube #gasprices
In a surprise move, OPEC+ producers decided they would cut oil production by 1.2 million barrels per day. Crude oil prices surged after the announcement, hitting its biggest daily rise in nearly a year. As the market continues to price in OPEC’s move, consumers are left wondering what it could mean for U.S. gas prices. Matt Smith, Kpler Lead Oil Analyst, predicts it will cause a “bump at the pump.” Smith points out the typical trend of rising gas prices ahead of the summer season, but says this announcement will “provide a bit of support for Crude prices.” The current national average gas price is $3.50 per gallon, according to AAA. “That could continue to tick higher in the next month or two,” says Smith. He predicted that we could be headed toward $4 a gallon levels. Overall, gas prices have been trending lower since hitting a record last summer. The highest recorded average price for Regular Unleaded was $5.01 per gallon in June of last year. You can watch Rachelle Akuffo’s entire interview with Matt Smith here.
Key Video Moments
00:00:15: Seasonal trend of gas prices
00:00:31: What this means for crude prices
00:00:39: A ‘bump at the pump’
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