U.S. gas prices hit a record high per gallon on March 9, according the American Automotive Association. Gas prices have driven up due to a confluence of factors ranging from less production in America, high global demand as the world rebounds from the COVID-19 pandemic, and the world feels the impacts of the ongoing Russian attacks on Ukraine.
But, in a March 16 conversation with PBS NewsHour’s Nicole Ellis, Tom Kloza of Dow Jones’ Oil Price Information Service said that in his view, “this is temporary,” with conditions. According to Kloza, we could see increased oil production from nations such as the U.S., Canada, Norway and Brazil, as well as a potential increase from OPEC nations such as the United Arab Emirates.
Additionally, a peaceful resolution to the Russian war on Ukraine could potentially help lower prices. “If peace breaks out in Ukraine in April, this is not the new normal,” Kloza said.
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