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AAA: Gas Prices Likely To Rise After Production Cuts
April 3, 2023
Florida gas prices increased 10 cents per gallon last week, and additional price hikes are likely to come, after Saudi Arabia unexpectedly announced plans to cut oil production, according to AAA.
On Sunday, Saudi Arabia and other OPEC+ countries announced surprise plans to cut oil production by more than a million barrels per day, beginning in May. The cuts are reportedly an effort to prop up oil prices, which recently plummeted to 15-month lows due to fuel demand concerns created by the banking crisis.
The average price per gallon in Escambia County was $3.27. A North Escambia low of $3.18 was at a station on Highway 29 in Cantonment. Pensacola prices were as low as $3.08 at the warehouse clubs.
NorthEscambia.com file photo.
Comments
7 Responses to “AAA: Gas Prices Likely To Rise After Production Cuts”
REGARDING:
“you do realize the only thing coming through the XL pipeline was going to be Alberta tar sands oil, and sent overseas. Which means it would have nothing to do with oil for Americans.”
Actually, it would have been refined in America. High molecular weight hydrocarbons can be cracked into lighter hydrocarbons. Therefore, yes, every source of energy used counts.
David for nuclear
@Beach Boy, you do realize the only thing coming through the XL pipeline was going to be Alberta tar sands oil, and sent overseas. Which means it would have nothing to do with oil for Americans. The sudden drop in production is all on OPEC, who decides ehat gets produced and how.much it costs.
Gas prices go up? “This is all Biden’s fault!”
Gas prices go down? *crickets*
@Beach Boy
The Keystone XL would have been a replacement for the existing Keystone Pipeline. It would have increased gas production by 0%. The pipeline was scrapped due to the company failing to prove they could operate the proposed pipeline without major environmental impact and, given the multiple oil spills the company has had over the past few years, it sounds like rejecting the pipeline was a good decision.
Some of Saudi Arabian production cuts may be related to depletion as their reserves are dropping.
I will be glad when we no longer need a single drop from the Middle East or other dictators.
David for nuclear power
Thanks to some else’s person (not mine) in the White House that shutdown Keystone XL pipeline that put thousands of Americans out of work and through economy into a tail spin and caused gas prices to explode.
This administration is also working with China to destroy the US Dollar.
Saudi Arabia and OPEC have become allies with China and are pushing to use their currency in oil-petroleum trading instead of the “Oil Dollar” which is the US Dollar.
IThe USA must increase production, build new refineries and protect OUR Nation!