Monday, 05 June 2023 06:56

Gas Prices Drop In Akron Featured

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Gas prices dropped again in Akron last week, to an average of $3.36 per gallon.

The national average also dropped, and is now $3.51 per gallon.
 
But, that downward trend might not last, according to GasBuddy.com, which reports we could see some gasoline price increases now that the OPEC+ oil cartel voted to cut current production, and Saudi Arabia announced it is going it alone, and cutting production in July as well.

According to Patrick De Haan, head of petroleum analysis at GasBuddy.com, the last time OPEC+ agreed to cut production, it led to a temporarily rally in the price of oil, but as global oil demand hasn't been as strong as expected, the cut failed to hold oil prices up. OPEC+ and Saudi Arabia are likely hoping that the rise in oil prices will stick longer this time, as the Saudi economy relies on oil prices north of $81 per barrel.

As a result, he says it's likely that as a result of the production cut, oil prices could rally this week, pushing gasoline prices higher as early as mid-week.

How long any rise in gas prices lasts is up in the air, but he says he doesn't believe motorists need to be worried. "Any rise in average prices should be fairly small, and we're still extremely unlikely to make a run at record prices anytime soon."

Read 1659 times Last modified on Monday, 05 June 2023 07:15