Oil prices set skyrocket according to shocking OPEC report | Gas prices set to hit 7 year high;

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According to the Energy Information Administration (EIA), retail gasoline and diesel prices in the United States averaged $3.176 for the week ending September 6—the highest level since 2014. 

  • Some producers are evacuating nonessential personnel from platforms that are expected to be in the path of the latest storm. 
  • But the higher gasoline prices haven’t stopped the EIA from forecasting that prices will eventually fall when refinery runs increase post-Ida. This forecast, however, was prior to Nicholas. 
  • GasBuddy has expanded its Fuel Availability Tracker to include Texas as a precautionary measure ahead of Nicholas, which is expected to bring significant flooding.
  • According to GasBuddy, demand for gasoline has fallen for four weeks in a row, but on Sunday, U.S. gasoline demand “jumped 9.4% from the prior (holiday weekend) Sunday.”
  • Gasoline demand was still down, however, compared to the previous four Sundays. 

SOURCE: OILPRICE

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