Oil prices used to have a predictable seasonal swing. They spike in the spring, as oil traders anticipate high demand for summer vacation driving. Once demand peaks, prices drop in the fall and winter. Oil prices have become volatile thanks to unexpected swings in the factors affecting oil prices.When will gas prices go down?
Gas prices projected to go down starting in 2022 December 9, 2021, 9:21 PM People filling their gas tank has been tough on their bank accounts lately. The federal government said help is on the way, projecting people will spend less at the gas station in 2022.What is oil price forecast?
The EIA forecast that Brent crude oil prices will average $68/b in the third quarter of 2021 and $60/b in 2022. Prices are increasing due to higher demand as more people are vaccinated against COVID-19. OPEC is beginning to increase production after limiting it due to decreased demand for oil during the pandemic.Why do oil prices rise?
Oil prices are determined by the supply and demand for petroleum-based products. During an economic expansion, prices might rise as a result of increased consumption; they might also fall as a result of increased production.