Daily Caller: Americans are getting hit with high gas prices as OPEC members and other oil-producing nations have acted to slow production.
Jumping eight cents over the past two weekends, the U.S. national average for a gallon of gasoline reached $2.74 for regular grade. The current average is 30 cents more than what it cost to fill up in 2017 due in large part to rising crude oil prices. The San Francisco Bay area was hit with the highest national average among the contiguous 48 states at $3.63 a gallon, and Baton Rouge, Louisiana, was the lowest at $2.37.
Forecasters do not believe the pain at the pump to subside any time soon. A petroleum analyst predicted the upcoming summer travel season to be the costliest in years, in a statement to a Wall Street Journal reporter published Sunday. “This summer, in terms of average gas prices, will likely be the highest since 2014,” Patrick DeHaan, a senior analyst at GasBuddy, a fuel-tracking app, said.
“There’s been very little question about that,” he added.
One cause for rising prices is seasonal demand as refiners prepare for the transition to the more expensive summer grade gasoline. Greater demand will also inflate prices as summer vacationers take to the open roads.
The spike in gasoline costs are also a direct result of the Organization of the Petroleum Exporting Countries (OPEC) and other producers — namely Russia — reaching an agreement two years ago to limit oil output. Their actions were made to reverse falling global oil prices.
“What we’re seeing now at the pump is reflective of OPEC’s decision in 2016 to cut back on oil production,” DeHaan continued. more
Oil morons are still living in the past. Who gives a sheet about what OPEC does,
We are the largest oil producer in the world, not them. Some oil company executives need to remove their head from dark places and payi attention.
San Francisco Bay area hardest hit by gas taxes you mean.
“One cause for rising prices is seasonal demand as refiners prepare for the transition to the more expensive summer grade gasoline…”
I’m thinking Scott Pruitt needs to revisit the science–or whatever–behind seasonal grading.
Any excuse to rape us slaves of more money.
I thought we were becoming independent of foreign oil?
Nancy Pelosi, from San Francisco, will be calling for tax increases on petroleum to save the children. Mark my words.
I remember not too long ago $4.00 per gallon prices. I can tolerate 2.74
My bullshit flag is flapping heavily in this gale force shit storm.
I thought that US is a net exporter of petroleum due to fracking. US farmers weaseled their way into our gas tanks, up to 10% now being perfectly good corn liquor.
Keystone pipeline has been approved.
California’s problems are their own making. I don’t care to hear their whining.
I don’t trust anyone at this point.
Being played again.
I remember the 70’s when the billboards had a gas gage on it on E.
It read what then, with Then crossed out and NOW in its place.
Aholes
Nother were pretty much independent, why the hike?
OPEC is the McGuffin in contemporary fuel pricing. Trumpism must be stopped. Look for $7/gallon premium prices in certain markets this summer (just enough for headlines) and through the mid-term election — and beyond (Why not do some profiteering along with your political advocacy?). Also look for the blame for the high fuel prices to fall on Trump’s tariff war.
If the GOP congress had stood up to Obama and Tom Steyer was put under congressional investigation for meddling in Canadian politics and internal affairs investigation we probably would have been well on our was to having two pipelines built to transport Canadian Heavy Crude fro the Oilsands to American refineries and what OPEC does wouldn’t matter to either of our countries.
On the positive side, can you imagine how much $10.00 a gallon gasoline would reduce highway congestion?
🙂
I don’t use oil; I take the bus.
(One of my favorite leftist quotes ever.)
@Wyatt. Just as good as the idiots who think their electric cars don’t get power from fossil fuels. Unless you get your power from hydro, or god forbid Nuclear, it’s coal.
Your car isn’t running on butterfly kisses, manbun.
I hope TRUMP uses his superlative skills for a beat down on fuel prices, imagine the huge boost to the economy if everyone can afford to go where they want, when and as often as they want, just in time for the summer season(assuming this winter ever ends!!!). Not to mention the extra $ for buying goods and services while there.
Why are the oil company stock prices at around 52 week lows?
– Except ConocoPhillips (COP) is near the high
Elon Musk is behind this.
No I don’t believe that, I was being sarcastic.
OPEC will really cut production
after
They’re nuked !
I wonder if this story has to do with some senators, congress going to Venezuela . We don’t need Venezuela oil.http://freebeacon.com/national-security/rubio-cautions-colleagues-meeting-maduro/
If the national AVERAGE is $2.74 it must be pretty frackin’ cheap somewhere in the country, because here in the PNW it is over 3 bucks. And would someone “in the know” please explain why “summer grade” gas is $0.30 per gallon more? Really? It smells like BS to me.
So now we build more refineries.
Easy fix
Well, I’ve been totally duped, I haven’t seen $2.74 per gallon for a LONG Ass time.
Today, I paid 3.06/gallon at Costco.
The Baker Hughes rotary rig count for this last month shows active US rigs up 329% from the lows of several years ago and still not half the capacity before 2008.
US producers can turn the spigot on at will. OPEC and Russia are declaring economic war and should be busted. They can’t win. We should be encouraging more oil production however possible and not allow US producers to collude to keep prices high.
Refineries are the problem.
I can distinctly recall being in the Kuwati dessert to keep Saddam out of the Saudi/OPEC oil fields and they show their appreciation by ass humping us for gas?
Really?
Next time throw your camels at the next invader, Iran, fuck wads! You’re on your own and I refuse to deploy again to fight for your sorry asses! You AND your camels, fuck all the way off!
I was incorrect above. The US rig count is up 146% from the May 2016 low. Wyoming alone was the 329% increase.
US active rigs are still at half the capacity of the Aug 2008 peak so there is room to run.
If OPEC cuts push oil up to 80 then we will fill the gap quickly.