Gas prices increase 27 days in a row – Riverside, California

Riverside, California 2021-10-26 05:07:19 –

Gas prices have risen nationwide for 27 consecutive days. Some social media is pointing to President Joe Biden for growth.

Patrick De Haan, Head of Oil Analysis at Gasbuddy.com, said:

DeHaan said there is more demand for oil than supply globally. Oil companies haven’t raised production levels before the pandemic. Some are related to labor challenges and some are attitudes.

DeHaan said, “Political that oil producers are reluctant to increase production given that they feel they are being attacked by many countries to move away from oil. The trend seems to be growing. “

All energy commodities are being acquired due to a decline in China’s coal supply, where global fuel shortages are affecting the United States. Due to the shortage of natural gas in Europe, some US power plants are increasing demand by switching from natural gas to oil. Another political premise is that prices are currently rising as President Biden cancels the Keystone pipeline and limits future drilling.

“These effects haven’t been completed yet, and canceling a pipeline that wasn’t dependent on pipelines built to shut down future capacity is completely irrelevant at this point,” DeHaan said. Stated.

Despite OPEC’s recent increase in production, DeHaan said it would take at least a few months to meet demand. That means higher prices will last throughout the holidays. He said US consumers spend nearly $ 500 million more on gasoline every day than they did a year ago.

Gas prices increase 27 days in a row Source link Gas prices increase 27 days in a row

Back to top button