Gas prices decline unexpectedly as OPEC+ increases oil production

Gas prices decline unexpectedly as OPEC+ increases oil production

Prices at gas stations are seeing a decline at a time they usually rise. OPEC+ has announced an increase in oil production next month by over 400,000 barrels daily, which exceeded expectations. This decision led to a decrease in crude oil prices. The oversupply, combined with weak demand for gasoline, is contributing to the drop in prices at the pump.For a comprehensive fuel report that includes the latest data from the Energy Information Admini…

Update on Prices at the Pumps - Southern Farm Network

Oil prices have dropped roughly $10 a barrel in the past week, during what Patrick DeHaan with Gasbuddy.com called a tumultuous week. He noted a lot of this turbulence and unease is happening because of President Trump’s tariffs coming in more significant than expected, increasing concerns of a global recession or slowdown. “In addition, OPEC announced last week that it would be restoring oil production at a faster-than-expected pace. Oil prices…