Crude oil prices expected to rise after OPEC shares it will cut oil production by 2 million barrels a day

Published: Oct. 5, 2022 at 10:41 PM CDT
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SHERMAN, Texas (KXII) - It seems like we were just starting to see gas prices decrease, but experts are saying, don’t get used to it.

CEO of Douglass Distributing, Brad Douglass said, “Crude oil prices are going back up. We expect it to be well over $100 dollars by the end of the year.”

$100 a barrel that is, which equates to about $3.34 a gallon, which is actually still cheaper than the prices people were seeing during the summer.

Douglass said, “Because in June of this year, prices were actually $122 a barrel, they went down to $90 a barrel September the 20th. unfortunately, since September the 20th, they’ve been slowly going back up.”

Douglass said OPEC cutting oil production will lead to higher gas prices but advises consumers not to worry.

He said, “It’s important but it’s not catastrophic.”

However, consumer, Dallas Raines thinks otherwise.

He said, “It’s going to slow the economy again. Inflation is going to rise, costs will rise.”

Raines shared his own opinion on what would keep gas prices down.

He said, “Use the resources we have here in the United States, instead of relying on others just to make everybody feel better.”

According to the Director of the National Economic Council and the National Security Adviser, President Biden will continue to direct U.S oil reserves to protect consumers.

The president is also directing the Secretary of Energy to explore increasing domestic production in the immediate term.