As world market crude prices continue to fall due to increasing supply, expect more price drops at retail gas pumps by Summer.
Energy U.S. crude oil prices fall more than 4% after OPEC+ agrees to surge production in June
excerpt:
U.S. crude was down $2.49, or 4.27%, to $55.80 a barrel shortly after trading opened. Global benchmark
Brent fell $2.39, or 3.9%, to $58.90 per barrel. Oil prices have fallen more than 20% this year. OPEC+ surprised the market by agreeing to
surge production in May by the same amount.
The June production hike is nearly triple the 140,000 bpd that Goldman Sachs had originally forecast. OPEC+ is bringing more than 800,000 bpd of additional supply to the market over the course of two months.