The U.S. is up, OPEC is down.
Lower crude prices usually mean lower gas prices — but pressures on refineries, including drone attacks on Russian refineries, mean that consumers might not see as much benefit.
But that means consumers can expect lower prices at the pump.
A barrel of oil now sells for less than most companies’ break-even point.
When the economy slows down, the price of oil tends to fall. But this time, OPEC+ is increasing production despite weak demand.
Thanks to abundant supply and fairly flat demand, oil prices are forecast to fall — unless tariffs and geopolitics get in the way.
The petroleum-producing cartel is trying to push global oil prices higher, but Americans aren’t seeing an increase at the gas pump.
Domestic oil production is running around a million barrels a day ahead of predictions.
Production cuts may no longer be as effective at propping up prices because electric vehicles are cutting into global demand.
The expectation was that OPEC countries would continue cutting back supply. Some think the delay may mean there’s disagreement about that.
