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Americans should prepare for gas prices to keep rising, analysts warn

OPEC 'threw a bucket of cold water' on idea of lower gas prices

By WND News Services
Published October 5, 2022 at 4:29pm

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(FOX BUSINESS) – American consumers should expect gasoline prices to keep surging as a result of various domestic and global factors, according to energy analysts who spoke with FOX Business.

Major petroleum refinery snags and policies disincentivizing more fossil fuel production or nationwide refinery capacity have contributed to the price uptick, the analysts said. In addition, the powerful Middle East oil cartel the Organization of the Petroleum Exporting Countries (OPEC) and Russia are expected to announce a massive production cut of up to 1-2 million barrels per day on Wednesday, Reuters reported.

"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, told FOX Business in an interview.

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