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☆ The money you are saving at the pump this holiday season is probably only temporary
▼ + stars: | 2023-11-21 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

Goldman Sachs researchers are projecting oil prices to jump nearly 20% next year. AdvertisementAs the holiday season approaches, drivers are experiencing a welcome respite at gas stations, but those savings will likely go away in the new year. Last week, West Texas Intermediate crude, a benchmark for oil prices, dipped to approximately $73 per barrel, a significant 20% drop from its late September peak of $94. "The big surprise of 2023 is stronger than expected non-OPEC supply growth, which we think will slow heading into 2024," Struyven said. And what the US economy doesn't need in the near future is Americans tightening their budgets after their summer of fun and the holiday spending season.

Persons: Goldman Sachs, —, GasBuddy, Daan Struyven, CNBC's, Dado Ruvic, Struyven, David Kelly, We're, Kelly Organizations: Service, West, AAA, OPEC, Reuters, US Strategic Petroleum Reserve, Biden, Strategic Petroleum Reserve Energy Department, Strategic Petroleum Reserve, Morgan Asset Management Locations: West Texas, OPEC, Ukraine, Russia, Saudi Arabia

☆ Gas prices look like they'll get better — but not before getting worse first
▼ + stars: | 2023-09-24 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

But there are signs that both supply and demand will bring prices back down in the coming months. AAA reported this week that the average price for a gallon of gas in the US was $3.88. AdvertisementAdvertisementAn atypical spike in pricesThe increase in gas prices is unusual, as we typically see some relief after the summer surge as demand wanes. If true, the worries about the impact of rising gas prices on consumer spending and inflation are overblown. AdvertisementAdvertisementIn recent years, with oil prices closer to $70 a barrel, gas prices have typically been close to $3 a gallon.

Persons: Mohamed el, Saudi Arabia's, Mohamed Oun, there's, Jorge León, Mike Wirth, we've, hasn't, Wirth, Grace Smith, David Kelly, We're, Kelly, Citi's, Ed Morse Organizations: Service, AAA, Allianz, Saudi, Reuters, Rystad Energy, US Strategic Petroleum Reserve, Biden, Strategic Petroleum Reserve Energy Department, Strategic Petroleum Reserve, Chevron, Bloomberg, Denver, MediaNews, Getty, Morgan Asset Management, Citigroup, CNN Locations: Russia, Saudi Arabia, Wall, Silicon, California, Clearwater Beach, Tampa , Florida, Libya, Ukraine, Brazil, Canada, Venezuela, Guyana

☆ Oil prices are surging again, but this time Biden has way less ammunition to bring them down
▼ + stars: | 2023-09-09 | by ( Jason Ma | ) www.businessinsider.com time to read: +4 min

Oil prices are surging again, but the Strategic Petroleum Reserve remains near 40-year lows. Last year, the Biden administration drained 180 million barrels from the SPR as oil prices soared. Flooding the market with all that supply helped bring oil prices down — and helped cool inflation, which had shot up as well. But while it has ticked up slightly, the level remains near 40-year lows at about 350 million barrels. The stock market has started to feel the ripple effects from rising oil prices.

Persons: Biden, Brent, Enverus Organizations: Strategic Petroleum Reserve, Service, Biden, Petroleum Reserve Energy Department, Energy Department, Federal Reserve Locations: Wall, Silicon, Ukraine, Saudi Arabia, Russia, Texas , New Mexico, North Dakota

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