The national average price of gas in the U.S. surpassed $5 per gallon today for the first time ever, according to GasBuddy, the leading fuel savings platform saving North American drivers the most money on fuel. There has been months of gas price increases across the country, accelerated by the rise in seasonal demand amidst supply constraints borne out of the pandemic.
In recent weeks as U.S. gasoline inventories have fallen over 25 million barrels, or over one billion gallons, since the start of March amidst a global decline in refining capacity.
Prices are averaging $6.40 in California.
There is a heat map of prices.
On March 5, 2022, National average price of gas breaks $4/gal for the first time since 2008.
Oil Price indicates that OPEC has almost used up its spare capacity.
Conservative estimates, cited by Reuters, OPEC’s spare production capacity could slip below 1 million barrels daily by the end of this year. This is equal to less than 1 percent of global demand.
According to the EIA, the situation looks a lot better, with OPEC’s spare capacity at around 3 million bpd right now.
There is risk of oil disruption in Libya and hurricanes could impact Gulf of Mexico producion.
SOURCES – Gasbuddy, Oilprice, EIA
Written by Brian Wang, Nextbigfuture.com
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.