Written by Bernie Carr
Saudi Arabia has announced they will be cutting their oil production by a million barrels per day to counter falling prices. The slash in oil production is set to begin this July, as the other OPEC+ producers agreed in a meeting in Vienna to continue earlier production cuts through next year, according to AP News.
This is an unsettling piece of news for motorists and commuters alike, as it only means one thing: gas prices are projected to rise once again. The steady increase in fuel costs over the past few years has left many individuals concerned about the impact on their wallets. In this article, we will explore the reasons behind the expected surge in gas prices, its implications for consumers, and offer tips on how to navigate these challenging times.
What else is causing increases in gas prices?
Besides OPEC+ producers slashing production, there are other factors that drive the increase in gas prices:
- Demand for gas has increased as people are traveling again.
- US oil production and refining haven’t kept up.
- Energy markets around the world continue to have supply-chain problems that are affecting everything from gas prices to shipping times. The crunch is already driving energy costs higher and threatens to keep inflation at concerning highs.
Expect higher prices for goods
Higher transportation costs will result from the increase in gas prices, and the prices of everyday goods will Increase as well.
Tips for Coping with Rising Gas Prices
Here are a few tips to cope with rising gas prices:
Optimize your vehicle’s fuel efficiency: Regular maintenance, proper tire inflation, and avoiding aggressive driving can significantly improve your vehicle’s fuel economy, reducing the frequency of refueling.
Lighten your load: Clean out any excess items in your vehicle. If you are carrying around un-needed items, go through your car and get rid of junk.
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About the author
Bernie Carr is the founder of Apartment Prepper. She has written several books including the best-selling Prepper’s Pocket Guide, Jake and Miller’s Big Adventure, The Penny-Pinching Prepper and How to Prepare for Most Emergencies on a $50 a Month Budget. Bernie’s latest e-book, FRUGAL DIY has just been released on Amazon. Her work appears in sites such as the Allstate Blog and Clark.com, as well as print magazines such as Backwoods Survival Guide and Prepper Survival Guide. She has been featured in national publications such as Fox Business and Popular Mechanics. Learn more about Bernie here.