Prices To Soar For This Essential Item
American consumers are in deep trouble.
As you may already know, OPEC+ hit President Biden and the White House with a bombshell by telling them they will cut oil production by a whopping 2 million barrels of oil per day.
While this is going to impact a number of things including the upcoming midterm elections and the rest of the world, we are now talking a look at how this will affect people right here in the United States.
According to Fox, energy analysts are now telling Americans to prepare for a spike in gas prices.
GasBuddy’s Patrick De Haan explained, “What OPEC might do very much could dictate where we go by the end of the year.”
De Haan added, “I had expected at least a good potential that the national average could fall under $3 a gallon, but I think OPEC just threw a bucket of cold water on that by signaling its intentions to be well ahead of any economic slowdown. Global inventories for oil remain extremely tight and it’s very clear that OPEC is growing addicted to triple digit oil.”
Sadly however, it isn’t just OPEC+’s decision to lower their oil production which has caused major problems for gas prices here in the U.S. Issues with oil refineries are also going to contribute to higher prices as well.
De Haan further pointed out, “What’s really been driving prices up in the last couple of weeks has been more related to an exceptional amount of refinery snags. But now that OPEC appears on the cusp of cutting oil production that could start setting prices a bit higher as well.”
The sad truth is that America needs more oil refineries however that is the last thing President Biden and his administration is thinking right now. They have gone all in on electric vehicles there is not a chance in hell that an oil company is going to invest billions of dollars to build new oil refineries.
