Posted BY: Teresa | NwoReport
Nationwide gasoline prices will surpass $4 per gallon as oil prices spike thanks to rising winter demand and the Organization of Petroleum Exporting Countries’ (OPEC) heavy production cuts, experts told the Daily Caller News Foundation, endangering Democrats’ midterm hopes.
Gas prices across the country have been rising for nearly three weeks and may go up even further after OPEC and its Russia-led allies, together known as OPEC+, cut daily production by over two million barrels of crude oil on Oct. 5, causing crude oil prices to increase, experts told the DCNF. The nationwide average gas price sits at $3.92, which is 14 cents higher than the gas price on Sept. 29, according to AAA data. (RELATED: Top Oil Industry Groups Hammer Biden Admin’s Plan To Ban, Limit Fuel Exports)
“The price of crude oil is up about $10 over the last week as it became apparent that the group [OPEC] was contemplating a big cut,” Mark Finley, a fellow in energy and global oil at Rice University’s Baker Institute, told DCNF. “$10 a barrel is roughly equivalent to 40 cents per gallon at the gas station.”