OPEC cuts oil production, gas starts to rise to $4 a gallon, OPEC says it will last months and only get worse

via NYPOST:

Experts say the OPEC+ oil cartel’s shock decision to slash production will make the next few months “pretty painful for drivers” — and wide-eyed motorists are already reeling from sticker shock.

“Here we go again,” Vincent Bruno, 50, said Tuesday morning as he gassed up his sedan at a Sunoco on Queens Boulevard in Briarwood, where a gallon of regular costs $3.60. “It’s not a huge hike, but it’s just enough to get you where it hurts. They don’t care about the little guy.”

Miguel Reyes, a 44-year-old bus driver from Kew Gardens, Queens, said he thought prices were dropping until he reached his local Shell station, where it was listed at $3.46 per gallon.

“It is a burden — a few more dollars, it adds up,” Reyes said. “That money has to come from somewhere else. Maybe I buy the lower-priced ice cream for my kids or the lower-priced cereal that they don’t like.”

We are primarily funded by readers. Please subscribe and donate to support us!

And it will likely only get worse.

With its Sunday decision to suddenly chop production by more than a million barrels a day, the powerful oil cartel — which counts Russia among its members — immediately drove up the price of a barrel of Brent crude from about $77 on March 31 to $81 on April 3.

There were instant consequences at the pump.

On Tuesday, a gallon of gas went for about $3.50 per gallon nationwide, according to AAA’s online tracker.

Wall Street observers have said that the OPEC+ cuts could eventually push the price beyond $100 a barrel, which would certainly drive up per-gallon rates and frustrate American drivers still aching from last year’s record-high gas prices.

Views:

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.