Oil markets shuddered after a surprise announcement this weekend that Saudi Arabia and other oil-producing countries would cut their output of crude oil, potentially pushing up gas prices just as millions of Americans hit the road this summer.
, potentially pushing up gas prices just as millions of Americans hit the road this summer.
If the price of crude stays at or above $80 a barrel,"we could see the national average price move in the 8-to-12 cent range, and we haven't seen it yet," AAA spokesperson Andrew Grossman said. For drivers,"the initial effect will be limited to a ball park of 5-15c/gal," Patrick De Haan, head of petroleum analysis at GasBuddy, Gas prices soared to an average of $5.02 in June of 2022, stoked by the war in Ukraine, with prices at the pump in California soaring well above $6. But prices fell steadily in the ensuing months as global crude costs sank, shell-shocked motorists cut back on driving and U.S. refineries upped their oil production.
However, Book and other analysts cautioned that OPEC's announcement could turn out less impactful than feared. Last fall, the oil cartel announced a production cut of"This is just an announcement," AAA's Grossman added."Will the size of the cut really be a million [barrels per day] plus or will it be something less? That's entirely possible. They have a month to figure out what they really want to do.
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