Experts say the OPEC+ oil cartel’s shock decision to slash production will make the next few months “pretty painful for drivers” — and wide-eyed motorists are already reeling from…
will make the next few months “pretty painful for drivers” — and wide-eyed motorists are already reeling from sticker shock.
Miguel Reyes, a 44-year-old bus driver from Kew Gardens, Queens, said he thought prices were dropping until he reached his local Shell station, where it was listed at $3.46 per gallon. This could lead to hikes of roughly 26 cents per gallon, according to Kevin Book, managing director of ClearView Energy Partners LLC.That’s on top of the usual seasonal increase that happens when refineries switch to their summer blend of gasoline. The Energy Department calculates that at about 32 cents per gallon, Book said.
But Sinclair was reluctant to speculate how high prices could rise in the delicate oil market, which is overly sensitive to global events such as the Ukraine war, refinery capacity in Venezuela and China’s demand for fuel, among other things.
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