In Summit County, Ohio, gas prices have risen 70 cents in the last three weeks. Three weeks ago, it was $3.29 on Monday and $3.69 by Friday. Last week it dropped a dime. Yesterday, it jumped another 40 cents overnight to $3.99.
What’s it doing in your area?
Is this because of the hurricane, or are they using the hurricane as an excuse?
I don't have the end date of the current withdrawal from the SPR (Strategic Petroleum Reserve) but I believe that if they are keeping with the original plan, they were taking out of the SPR about 1 million barrels per day and this would end around Oct 31.
Now OPEC+ just came out today and said they are going to CUT production by 2 MILLION barrels per day (they had a previous increase of around 600k/day but that was going to end soon).
Hurricane was not used as an excuse in the reports I read. However, in the current reports for the 2 mil reduction, some outlets were mentioning inventory levels (shortages?).
This is not good imo. I did see a post here that said some of the SPR oil went to China... could that be the reason for the recent rise in prices? Stay safe and keep the tanks full.