Gas Prices Hit New Yearly High, Driven by Cost of Crude Oil

Contact Your Elected Officials
The Epoch Times

Gas prices hit a nationwide average of $3.08 per gallon on Monday, driven by the cost of crude oil.

Crude oil passed $70 a barrel, the highest price since October 2018, according to the American Automobile Association (AAA). Price per barrel has jumped $23 per barrel since January.

The rising cost per gallon of gas stems from the climb in crude prices, especially in light of falling demand and increasing supply, the group said.

“Motorists are paying, on average, 37% more to fill up than the start of the year,” Jeanette McGee, an AAA spokesperson, said in a statement.

“Prices for the rest of the month are likely to push more expensive, but if crude production increases, as forecasted, there is the possibility of seeing some relief at the pump later this summer.”

The U.S. Energy Information Administration is forecasting that rising global production of gas and other fuels will limit price increases for both WTI and Brent crude oil. U.S. production is projected to increase along with global output.

The administration expects Brent crude oil prices to drop to $68 per barrel in the third quarter of this year, fall to $64 per barrel in the following quarter, and decline to $60 per barrel in 2022.

Brent crude was at $73 a barrel on Tuesday.

While production is going up, it’s the first time it’s gone up in a while, “and it’s still not going up as quickly as we would like to see it to cool prices,” Phil Flynn, an energy market analyst with PRICE Futures Group, told The Epoch Times.

“The natural gas traders are saying that they appreciate the extra production, but we don’t know if it’s going to be enough to meet what’s going to be some very strong demand going into the summer,” he added.

Bottom line is, prices will stay high for the near future.

BY ZACHARY STIEBER

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

James Franklin’s contract fallout

Penn State’s decision to fire head coach James Franklin after a disappointing 22–21 home loss to Northwestern will cost an estimated $56 million buyout. 

Trump’s Middle East Trip Led to Historic Breakthroughs

Trump’s bold, unconventional strategy helped end the Israel-Hamas war and set the stage for a more stable, prosperous Middle East.

Pretending Really Hard

The world is real and so are its problems, too. Reality is the enemy of liberals, even though they are pretending, really hard, that it is not.

Trump 2.0’s Eurasian Balancing Act Has Failed

Trump's Eurasian balancing act has failed due to his arrogant and aggressive approach towards all three countries.

Should Palestinian clans rebelling against Hamas be given Gaza?

Hamas’s October 7 attack exposed its violent ideology, showing cruelty toward its enemies and also against the Palestinian people it claims to defend.

Trump, Patel Confirm FBI Special Agents Will Get Paid During Shutdown

FBI special agents will receive their paychecks despite the government shutdown, according to President Donald Trump and FBI Director Kash Patel.

Trump Admin Withholds $41 Million From California Over English-Language Trucking Rules

Trump admin withholds $40.6M in California transportation funds, citing failure to meet federal English proficiency rules for truck drivers.

An Inconvenient Study – Feature Film

Journalist Del Bigtree challenged a top infectious disease expert in 2016 to a vaxxed vs. unvaxxed study. The long-hidden results are finally revealed.

Federal Judge Temporarily Blocks Trump Admin’s Shutdown-Related Layoffs

A federal judge on Oct. 15 temporarily blocked President Donald Trump’s plan to lay off certain federal employees during the government shutdown. 

Trump Posthumously Awards Charlie Kirk the Presidential Medal of Freedom

President Trump posthumously awarded Charlie Kirk the Presidential Medal of Freedom in the White House Rose Garden on Oct 14, Charlie's birthday.

Trump Names Longtime Adviser Dan Scavino to Key Personnel Position

One of President Trump’s longtime advisers, Dan Scavino, is going to be in charge of selecting and appointing key positions within the executive branch.

First Lady’s Effort Helped Reunite 8 War-Displaced Children With Their Families

First lady Melania Trump said 8 children impacted by the fighting between Ukraine and Russia were reunited with their families on Oct. 9.

Trump to Impose New 100 Percent Tariff on China on Nov. 1

President Trump said that the US will impose an additional 100 percent tariffs on Chinese goods and export controls on critical software starting on Nov. 1.
spot_img

Related Articles

Popular Categories

MAGA Business Central