According to energy analysts who spoke with Fox News, Americans should prepare for surging gas prices due to various domestic and global factors.
Major petroleum refinery snags and policies disincentivizing more fossil fuel production or nationwide refinery capacity are contributing to gas prices going up.
"What OPEC might do very much could dictate where we go by the end of the year," Patrick De Haan, head of petroleum analysis at GasBuddy, said during an interview with FOX Business.
Americans should prepare for gas prices to keep rising, analysts warn - Fox Business https://t.co/QeeLXBK2vM
— John McNamara (@jdmcnamara) October 5, 2022
"I had expected at least a good potential that the national average could fall under $3 a gallon, but I think OPEC just threw a bucket of cold water on that by signaling its intentions to be well ahead of any economic slowdown," he continued. "Global inventories for oil remain extremely tight and it's very clear that OPEC is growing addicted to triple-digit oil."
Tuesday marked the 14th consecutive day of gas prices going up. Gas prices are at $3.81 per gallon nationally according to an AAA database.
"If they do something really specific where the Saudis and Kuwait and United Arab Emirates were going to shoulder the cuts, because other countries are having trouble being up to quota, then I think we march significantly higher for crude," Tom Klaza, the global head of energy analysis at research firm Oil Price Information Service (OPIS), said to FOX Business.
"I think we go higher for crude anyway in the next three or four months, but this is kind of what happens in the next three or four days," he continued. "So, I would say the lowest expectation is that they announce a cut of a million barrels a day, but it's across a membership that includes underperformance."
Soaring gas prices would be disastrous for the Democrats going into the midterms after President Biden has taken several victory laps for lowering gas prices.
FOX News Peter Doocy asked White House Press Secretary Karine Jean-Pierre if President Biden is responsible for the gas prices going up since they took credit for them going down.
Fox News’ Peter Doocy: “You’ve said the president was responsible for gas prices coming down. Is the president responsible for gas prices going up?”
White House Press Sec. Karine Jean-Pierre: “It’s a lot more nuanced than that, right? Peter, you know this.” pic.twitter.com/veQDXk4WRE
— The Recount (@therecount) October 4, 2022