CNN’s Romans: Oil Prices at a Three-Year High Mean that You’re Paying $10, $15 for a Tank of Gas More than You Did a Year Ago

‘Gas prices are more than $1 higher than they were a year ago’


ROMANS: “So, this -- according to 'Reuters' this meeting has just wrapped up. And OPEC and its allies have decided to stay the course with the new oil they’ve been pumping, 400,000 barrels per day, will continue into November. The next meeting will be in November. Essentially what that means is the path of least resistance for oil prices continues to be higher. Remember they took a lot of pumping out of the system when the Covid – Coronavirus recession slammed the world. And now they’ve been adding that capacity back in, but supply has not been increased as quickly as demand has increased. And you can see that in crude oil prices. I mean, right now they’re up some 3 percent again. Brent crude above $80. You can see all of the oil complex is still rising. Because, again, demand is so brisk for this products. And because of supply glitches, and the whole host of reasons, you're -- you're not seeing the supply will meet that demand. And what it means for you at home? You know exactly what it means. It means you're paying $10, $15 a gallon, or a tank of gas, rather more than you did a year ago. So oil prices at a three-year high mean gas prices rising. Gas prices are more than $1 higher today than they were a year ago. So this is one of those stories that's -- one of those factors really that’s feeding that inflation story. And it’s a factor that I think is a really important kitchen table piece of your economics because you feel this every week or every two weeks when you driving and filling up the gas tank.”

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