Economic slowdown, warfare tensions and hurricane season loom over the oil market's horizon, and AAA's Andrew Gross details where U.S. gas prices are heading.
"A lot of oil traders and people in the market are trying to figure out: What's OPEC up to? They didn't really give a clear reason why they did it," Gross explained. "And there are a lot of caveats to it, whether every OPEC nation is going to slash or just a few, and they said it was voluntary. And it's like, what does that mean? You're either going to slash or you're not cutting voluntarily.
According to AAA spokesperson Andrew Gross, geography plays"a big role" in the price you pay at the pump.account for about 55% to 60% of what American drivers pay at the pump, the AAA spokesperson argued, the other major contributing factor is demand. "Will we have a robust driving season this year? Will a lot of people be hitting the pump and fueling up? That much we don't know," he said. "Demand did drop a little bit last week, and we have not had three weeks in a row of demand being over 9 million barrels a day in two or three years."
Even though gasoline prices are likely to continue to move higher incrementally each week, U.S. drivers should not expect a supply shortage as Gross claimed there’s "
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
OPEC+ cuts risk oil supply deficit, threaten economic recovery - IEAOutput cuts announced by OPEC+ producers risk exacerbating an oil supply deficit expected in the second half of the year and could hurt consumers and global economic recovery, the International Energy Agency (IEA) said on Friday.
Leer más »
Surprise oil output cuts from OPEC+ could hurt consumers and derail the economic recovery, IEA warnsThe IEA said the energy alliance's surprise production cut was likely to spell bad news for consumers at a time of heightened economic uncertainty.
Leer más »
OPEC+ cuts risk oil supply deficit, threaten economic recovery, IEA saysOutput cuts announced by OPEC+ producers risk exacerbating an oil supply deficit expected in the second half of the year and could hurt consumers and global economic recovery, the International Energy Agency (IEA) said on Friday.
Leer más »
International travel bookings up 200% from last year, according to AAA dataIf you’re noticing that more people are traveling outside of the country this year, it’s not a coincidence. According to AAA booking data, international travel is up more than 200% compared to 2022.
Leer más »
Gas prices on the rise in Philadelphia, NJ, Del ahead of summer seasonAccording to AAA, there's a trifecta of factors causing the surge.
Leer más »
Prominent Trader Andrew Kang Updates His Price Targets for Ethereum and BitcoinTraders believe Ethereum and Bitcoin will update their local highs, as Arbitrum did
Leer más »