Hurricane Idalia just plowed through Florida and U.S. “A big storm along the Gulf coast could move prices dramatically here.” “I’m more concerned about what the rest of hurricane season may hold,” Gross told The Associated Press. motorists after the holiday so it remains unclear what immediate effect this could have on the American market, AAA spokesman Andrew Gross said. However, gasoline demand typically drops for U.S. stands at $3.81, according to AAA, just under the all-time high for Labor Day of $3.83 in 2012.
The average gallon of regular unleaded gasoline in the U.S. “Barring a sharp economic downturn, these supply cuts will drive deep deficits into global oil balances and should propel crude oil prices well above $90 per barrel,” McNally said. “The thing that we ultimately stand for is a stable, effective supply of energy to global markets, so that we can in fact deliver relief to consumers at the pump, and we do this in a way that is consistent with the energy transition over time,” Sullivan said.īob McNally, the founder and president of the Washington-based Rapidan Energy Group and a former White House energy adviser, said Saudi Arabia and Russia had “demonstrated their unity and resolve to proactively manage” the risk of oil prices potentially dropping in tougher economic conditions with their announcement Tuesday. He added that Biden would look to utilize “everything within his toolkit” to assist American consumers. officials had regular contact with the kingdom. White House national security adviser Jake Sullivan declined to comment on the market impact of the decision, though he said U.S.
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