×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: oil and gas prices | opec | inflation | green energy policies | biden

Americans Should Brace for More Expensive Gas: AAA

Americans Should Brace for More Expensive Gas: AAA
(Dreamstime)

By    |   Wednesday, 05 October 2022 02:59 PM EDT

With refineries closing and OPEC+ announcing it is cutting oil production by 2 million barrels a day, Americans need to prepare for higher gas at the pump, the American Automobile Association warns.

On top of this, the Biden administration continues to set forth policies, including EV tax credits, disincentivizing the production of fossil fuel.

Over the past 14 consecutive days, the nationwide average price of gasoline has increased, reaching $3.83 on Wednesday, according to AAA. Since hitting a nationwide high of $5.02 in mid June, U.S. gas prices had declined for 99 days straight.

The 2 million barrel/day cut OPEC+ announced Wednesday “just threw a buck of cold water on at least a good potential that the national average could fall under $3 a gallon, by signaling its intentions well ahead of any economic slowdown,” Patrick De Haan, head of petroleum analysis at GasBuddy, told Fox Business.

“Global inventories for oil remain extremely tight, and it’s very clear that OPEC is growing addicted to triple-digit oil,” De Haan continued.

Saudi Arabia said a cutback in oil production is necessary due to higher interest rates in the West and a weaker global economy.

De Haan also slammed President Biden’s green energy policies: “The White House is basically picking a winner. It’s picking EVs, and it’s picking a loser: fossil fuels. What oil company is going to invest billions of dollars in building a new refinery? In this climate, it would be foolish.”


 

© 2022 Newsmax Finance. All rights reserved.


StreetTalk
With refineries closing and OPEC+ announcing it is cutting oil production by 2 million barrels a day, Americans need to prepare for higher gas at the pump, the American Automobile Association warns.
oil and gas prices, opec, inflation, green energy policies, biden
244
2022-59-05
Wednesday, 05 October 2022 02:59 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved