Administration Hopeful Fuel Prices Will Continue To Drop

Oil prices continue the trend of moving down, slowly, but surely.  In Monday’s action, West Texas Crude was trading just over $90 per barrel, continuing a trend first seen roughly nine weeks ago.  As oil prices continue to move lower, the Administration is hopeful gasoline prices will continue to go down as well.  As Energy Secretary Jennifer Granholm pointed out on Fox News Sunday, prices continue to move lower.

“Our energy information administration has projected that by the fourth quarter gas prices will be around $3.87 on average.”

But those prices, she noted could change course and start moving higher.

Why?

She says it’s all about supply and demand.

“If China opens up significantly out of COVID, there will be more pressure on demand."

Granholm went on to say the invasion of Ukraine took a lot of oil off the world market at a time when demand was starting to rebound from the pandemic.

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