Source link : https://las-vegas.news/fuel-costs-are-low-will-they-keep-that-manner/
Gasoline costs have fallen to only over $3 per gallon.
That is excellent news for customers and the Trump administration after President Trump promised to carry down costs, however it may complicate a “drill, baby drill” agenda.
And whether or not costs will keep low might depend upon whether or not the administration’s sanctions on Russia are efficient, consultants say.
The nationwide common gasoline value stood at $3.07 per gallon on Friday, in accordance with AAA.
That’s down from $3.16 a month in the past and $3.15 a 12 months in the past.
It’s additionally very low in comparison with the place costs have been over the previous few years, when spikes occurred due to Russia’s invasion of Ukraine and the COVID-19 pandemic restoration. At their highs, they reached greater than $5 per gallon in the summertime of 2022.
Analysts attribute the at the moment low costs to excessive ranges of oil provide as OPEC+ nations carry extra to the market.
“Over the last two years, OPEC+ has restored 2.2 million barrels a day of voluntary production cuts, and they’re in the midst of restoring another 1.65 million barrels a day over the next 10 or 11 months — and this is happening at a time when world oil demand growth has been lackluster,” mentioned Andrew Lipow, president of Lipow Oil Associates.
“So the oil market, as we go into the last couple of months of the year, has become quite oversupplied, and that has resulted in lower oil prices, and consequently,…
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Author : LasVegasNews
Publish date : 2025-10-25 10:41:00
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