TRENTON, NJ – Gas prices in New Jersey this week are hovering in the $3.78 range, but that might not last long. News from around the world show a dire outlook for President Joe Biden’s most recent demand to lower oil prices.
Biden’s efforts to convert to green energy and his battle against the oil industry is backfiring. Energy prices are skyrocketing and fuel prices will soon follow. $4 per gallon is not out of the picture by the holidays.
Oil prices climbed for the fourth straight session on Tuesday, impacted by dwindling U.S. shale output and extended production cuts from Saudi Arabia and Russia. Global benchmark Brent crude futures saw an increase of $1.24, bringing the price to $95.67 a barrel by 1308 GMT. Meanwhile, U.S. West Texas Intermediate crude futures surged by $1.92, or 2.1%, reaching $93.40 a barrel.
The rise in oil prices marks three consecutive weeks of gains, with both Brent and U.S. West Texas Intermediate benchmarks achieving their highest levels since last year.
OANDA analyst Edward Moya weighed in on the current trends, stating, “This crude price rally apparently doesn’t want to stop. The oil market will likely be tight throughout the winter.”
The sustained increase in prices reflects ongoing concerns about supply limitations, further exacerbated by reduced shale production in the United States as well as production cuts by leading oil producers,
Saudi Arabia and Russia. As winter approaches, the tighter market is expected to continue to put upward pressure on oil prices.