OPEC increases production, but that may not lower gas prices

GRAND RAPID, Mich. (WOOD) – OPEC on Tuesday confirmed plans to return more than 2 million barrels of crude per day of oil production over the next few months.

Patrick DeHaan from GasBuddy.com said the decision has to do with continuing the ongoing economic recovery.

“Not only in the United States but in the world, demand as we have seen, prices are increasing. It’s on the heels of Americans who refuel much more often. Demand over Memorial Day weekend increased 41% from a year ago. All of this demand is pushing oil up, and that’s why OPEC is increasing production, ”DeHaan said.

Dehaan said the announcement was a bit disappointing.

“They already said they were going to increase production months ago. These increases are a bit slow compared to the pace of what we’re actually seeing with the rebound in demand in the United States. And that is why oil prices are rising today.

As for what western Michigan drivers can expect at the pump this summer, DeHaan expects things to look a lot like summer 2018.

“I think right now we’re in the seventh inning, so to speak, increases. We could go a little higher. (In 2018), averages hit $ 3.19 per gallon in early summer before dropping. We may have a little more room for improvement, but it shouldn’t be a summer where we’ll see $ 3 prices all summer long. It’s going to be one of those things where it pops up from time to time.

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