OPEC surprised oil markets last week, extending cuts in oil production for another month, ignoring the resurgence in global demand with the recovery of the economies of COVID-19. Markets responded by pushing oil prices to around 12%. As a result, drivers must prepare for further increases in gas prices in the weeks and potentially in the months ahead, with a national average of $ 3 per gallon potentially less than a month away, ”said the head of oil analysis at the GasBuddy, Patrick De Haan. “Earlier this year, it was somewhat strange to forecast a national average of $ 3 per gallon for the summer season, but thanks to the speed of recovery from the pandemic that pressures demand and OPEC’s reluctance to increase oil production, we are on the verge of making this a reality. It is extremely frustrating for the consumer to feel powerless as prices soar and millions remain unemployed, so the only advice I can offer consumers is to prepare for further increases and, to mitigate rising prices, look for low prices whenever you need them refuel. I am hopeful that OPEC will see the error in its tracks at next month’s meeting, but with demand exceeding supply, the longer the imbalance persists, the longer it will take for any increase in oil production to make up for it. “
