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Americans Get a Break at the Gas Pump as Omicron Roils Oil Markets -Breaking

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© Reuters. Americans Get a Break at the Gas Pump as Omicron Roils Oil Markets

(Bloomberg). Americans feel some relief after the recent fall in oil prices trickles down into gasoline stations. 

According to AAA data, the average retail price nationwide has fallen more than 2 percent since reaching a seven-year high a month earlier. It now costs $3.34 per gallon. It was also the result of a dramatic drop in prices following concerns about the possibility of another demand-killing lockdown. 

Patrick DeHaan of GasBuddy’s petroleum analysis said that gasoline may fall below $3.30. The United States President Joe Biden has been plagued by high fuel costs for the majority of the last year. Officials in his administration have pleaded for production increase from OPEC, as well domestic shale drilling companies. 

Data so far shows no evidence of an increase in oil consumption despite the recent price decline. DeHaan stated that a significant reprise of the oil rally, which has increased almost 5% internationally this month, could reverse the trend to pull gasoline higher. 

©2021 Bloomberg L.P.

 

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