New legislation like the Inflation Reduction Act prioritizes investments in clean energy, like tax credits for both new and used electric vehicles. While potentially helpful for the future of the planet, that shift could mean oil producers cut back, pushing up gas prices in the short term.
Over the past few years, the U.S.has ramped-up investments in clean energy. Energy policy, executive action and geography also play a role. While supply and demand are the leading factors that dictate oil and gas prices, they aren’t the only players. By that time, the EIA estimates gas prices will drop to roughly $3.09 per gallon-a near-50-cent price break from today’s prices. With these two major economic pressures, the EIA estimates that Americans won’t feel relief at the pump until at least the end of 2023 when it expects prices to drop to roughly $3.30 per gallon.įor real relief, Americans will likely have to wait until the end of 2024. “When per-barrel prices go up, gas prices go up.
“A large share of retail gas prices is crude oil price per barrel,” says Stuart Katz, chief investment officer at wealth manager Robertson Stephens. While China has stepped in to take some of that surplus of Russian oil, Western countries are still struggling to find enough oil to meet demand because of OPEC’s recent effort to slash oil production, a move designed to keep crude at a per-barrel price that will allow OPEC members to realize optimal profits. These sanctions tightened global oil supplies and continue to put upward pressure on gas prices. Western sanctions in reaction to Russia’s invasion of Ukraine left Russia with a hefty supply of oil it couldn’t move. When you venture out during the summer travel season, expect gas prices to remain steady through September-mostly due to overseas economic pressures. Though frustrating for your budget, there are apps and consumption shifts that can ease your per-fill-up pressure. The war in Ukraine and the Organization of the Petroleum Exporting Countries’ downward shifts in oil production have both reduced supply and helped push up costs for drivers. Energy Information Administration, the leading domestic authority on energy pricing, today’s gas prices-roughly $3.60 per gallon nationwide-are here to stay through the summer driving season. Today, people are thankfully back at work and behind the wheel, but those dollar-gas days are history.Īccording to the U.S. With millions stuck at home, oil supplies swelled, and Americans scored a big break at the pump-with gas below $1 per gallon in some locales. While some relief is on the way, experts suggest it isn’t likely to arrive until next year.įor drivers, Covid-19 came with a small silver lining.
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Gas prices are up lately, especially compared to the ultralow rates drivers enjoyed during the pandemic.
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