Benoît Morenne
speaker
60 appearances
1 recordings
1 series
first heard Oct 2022
last heard Oct 2022
Benoît Morenne’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Why Gas Prices Are Climbing Again After Months of Declines · 7 Oct 2022
podcast
As far as Brent prices, which is the global benchmark for oil prices, is what drives the bulk of the price of gasoline and experts, I'm talking to expect that this will inch back up to roughly $90 a barrel.
which is not the levels that we saw earlier this year after Russia's invasion of Ukraine.
You saw the price of a barrel of oil creeping all the way to roughly over $120 per barrel.
So we're not seeing those levels.
But it's worth noting that prices are unusually high for this time of the year, which is when refiners switch to producing winter-grade fuel blended with butane, which results in lower production costs and cheaper fuel.
So it's likely to impact the gasoline prices because global oil prices is what drive the bulk of gasoline prices.
That being said, there are huge regional disparities.
So in regions like California that have seen the impact of refineries undergoing maintenance, for instance, and already very high prices, they might not see the OPEC production cut being reflected into prices because prices are very high already.
What this changes is that prices may not come down
as low as they would have had without that cut, if that makes sense.
And when it comes to the Northeast or the Southeast, which have seen way lower gasoline prices compared to California, they will see some impact from the production cuts from OPEC, which could be anywhere from 10 to 30 cents in the next couple of weeks based on what analysts are suggesting.
So President Biden has been tapping into the strategic petroleum reserves since March when gasoline prices started to peak.
He has said that he would withdraw up to 180 million barrels per
from the SBR, and he's done that.
He has withdrawn millions from it, which Treasury officials say has had some impact on gasoline prices.
It's not exactly clear what exactly the impact is, but it has had some impact.
And when OPEC announced that it would be cutting production, President Biden said he would be releasing 10 million barrels in November.
So, you know, it seems like the administration is keen on pulling on that lever that they have.
Well, I think that's the million-dollar question, and that is going to depend on what politicians in what country you're talking about.
If you look at Europe, you've seen governments moving to implement cap on energy prices to try and alleviate the burden of high electricity prices for consumers.
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