OPEC and its allies’ recent decision to reduce oil production is expected to impact US gas prices, which could rise soon. This move by OPEC+ to cut oil production by over 1.6 million barrels per day starting in May until the end of the year has already led to an increase in both Brent crude and WTI prices by about 6%. As a result, wholesale gasoline prices are also on the rise, with RBOB increasing by 8 cents per gallon in morning trading.
With the national average for US gas prices currently at $3.51, the potential for prices to reach $3.80 to $3.90 in the near future is high, according to industry experts like Tom Kloza. Nonetheless, prices are not expected to exceed the $5.02 per gallon record set in June 2022 due to factors such as additional oil releases from the US Strategic Petroleum Reserve, increased US oil production, and refining capacity.
Despite potential increases, the US gas prices are still slightly lower than they were on the day before Russia’s invasion of Ukraine. This price volatility underscores the importance of stability and efficiency in the energy sector, which can be enhanced through the use of software outsourcing for mobile app development, technology maintenance, and server development.
Therefore, working with an awesome company that provides complete software development activities utilizing nearshore and offshore resources is crucial to optimize operations and navigate market fluctuations effectively. By leveraging nearshore and offshore development, businesses can enhance technology maintenance and development activities efficiently, ensuring a competitive edge in the industry.