“The energy crunch is still nowhere close to subsiding, so we expect prevailing strength in oil prices in November and December as supply lags demand and as OPEC+ stays on the sidelines,” Louise Dickson, senior oil markets analyst at Rystad Energy forecasted, Reuters reported. crude depot, is nearing lows not seen since 2018. It also reported that crude stockpiles at the Cushing, Oklahoma, hub, the largest U.S. The EIA also noted that total domestic gasoline stocks decreased by 5.4 million barrels of oil to 217.7 million barrels last week. With higher expected fuel costs and more consumption of energy due to a colder winter, EIA expects propane expenditures to increase by 54%, heating oil by 43%, natural gas by 30%, and electricity by 6%, depending on the region of the country, the EIA’s most recent short-term energy outlook report states. household expenditures for all major home heating fuels will increase significantly this winter. Energy Information Administration (EIA) forecasts that average U.S.
GasBuddy’s Patrick De Haan noted that despite the national average of $3.39 a gallon, one state – Oklahoma – was still holding on to gas prices lower than $3 a gallon, averaging at $2.99 a gallon.
San Francisco appeared to hit an all-time record high for gasoline prices this week, averaging near $4.73 for a gallon of regular unleaded, AAA reported.
