OPEC+ decision sparks surge in US gas prices, fueling inflation concerns. The cartel's surprise move to slash oil production by over 1.6 million barrels a day starting May will likely be felt at US gas pumps soon.
The announcement sent shockwaves through the global energy market, causing Brent crude futures and WTI, the US benchmark, to soar about 6% in Monday trading. Gasoline futures also saw a significant jump, with wholesale prices up around 8 cents per gallon or about 3%, sparking fears of inflationary pressures.
Energy analyst Tom Kloza from OPIS described OPEC's move as "reawakening the inflation monster," citing concerns that US gas prices could rise to $3.80-$3.90 in relatively short order, leaving drivers reeling with the current average price at $3.51 per gallon.
While some analysts are more cautious, predicting prices won't reach record levels of 2022, others believe the move by OPEC+ will be difficult for the US to offset, given ongoing production and refining capacity increases, as well as planned Strategic Petroleum Reserve (SPR) releases.
Inflation remains a pressing concern, and with the current volatility in oil markets, some analysts are warning that prices may not return to pre-pandemic levels anytime soon.
The announcement sent shockwaves through the global energy market, causing Brent crude futures and WTI, the US benchmark, to soar about 6% in Monday trading. Gasoline futures also saw a significant jump, with wholesale prices up around 8 cents per gallon or about 3%, sparking fears of inflationary pressures.
Energy analyst Tom Kloza from OPIS described OPEC's move as "reawakening the inflation monster," citing concerns that US gas prices could rise to $3.80-$3.90 in relatively short order, leaving drivers reeling with the current average price at $3.51 per gallon.
While some analysts are more cautious, predicting prices won't reach record levels of 2022, others believe the move by OPEC+ will be difficult for the US to offset, given ongoing production and refining capacity increases, as well as planned Strategic Petroleum Reserve (SPR) releases.
Inflation remains a pressing concern, and with the current volatility in oil markets, some analysts are warning that prices may not return to pre-pandemic levels anytime soon.
just saw it on my feed today what's going on with these gas prices already? i know they're talking about inflation and all but $3.80-$3.90 per gallon is crazy that's like, a lot of cash for a tank full of gas 
anyways gotta be careful with that kind of money if you're planning to fill up soon 
I mean, what's new? The oil cartel just decides to choke off the lifeblood of US economy and we're all like "oh no, how will we survive?" 
Like, have you seen the prices of avocado toast lately? We should be more worried about that than a little gas price hike. 
! i was just thinking about how expensive gas has been lately and now it's like 8 cents more per gallon?! 
! I mean, yes, gas prices might go up, but at least our economy is growing and inflation is on everyone's radar 
. We need some adjustments in the market to keep prices stable, but this could also be an opportunity for innovation and better energy efficiency 
!
I mean, they just cut production and it's like, boom! Gas prices go through the roof. $3.80-$3.90 per gallon? That's crazy talk! 
Who's gonna be affected by this? The drivers, of course. And inflation? Yeah, that's a big worry too. I don't know if it'll get back to pre-pandemic levels anytime soon...
. Gas prices are already crazy, and now we're looking at a possible surge of $3.80-$3.90 per gallon?! 
. Can't we talk about ways to reduce energy consumption or invest in renewable energy sources? 
This is just going to hurt working-class families who are already struggling 
and those $3.80-$3.90 price tags are scary 
what if we go back to record levels of '22? that's just too much for anyone to deal with 
i was watching this one video and it just had a giant banana in the background 
anyway, back to oil prices... yeah, $3.80-$3.90 is kinda steep for me too. do you think they'll actually make it happen with that 1.6 mil barrels a day cut? 
. Inflation worries are for real, folks - it's like that one uncle who always expects you to pay for dinner 
. US gas prices are already high, so this move could definitely push them up further... I'm thinking $3.80-$3.90 per gallon is possible 
. And yeah, inflation concerns are real, so we gotta keep an eye on this one 
.
. Anyone else feeling the pinch? 
Gas prices about to go up again! OPEC+ is slashing production by 1.6 million barrels daily starting May 
which is gonna hurt US drivers big time 
. I'm keeping an eye on how this plays out...
What I don't get is why everyone's so quick to blame it on global events when we know the real players are always at work, quietly shaping the narrative to suit their agenda. This whole thing reeks of a controlled environment, where prices can be easily jacked up or manipulated without anyone suspecting a thing