{"id":57055,"date":"2021-03-11T07:29:44","date_gmt":"2021-03-11T12:29:44","guid":{"rendered":"https:\/\/olduvai.ca\/?p=57055"},"modified":"2021-03-11T07:29:44","modified_gmt":"2021-03-11T12:29:44","slug":"happy-days-at-the-gas-pump-are-over-as-prices-soar","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=57055","title":{"rendered":"Happy Days At The Gas Pump Are Over As Prices Soar\u00a0"},"content":{"rendered":"<header class=\"ArticleFull_header__11o5_\">\n<h3 class=\"ArticleFull_title__2cUI6\"><a href=\"https:\/\/www.zerohedge.com\/commodities\/happy-day-gas-pump-are-over-prices-soar\">Happy Days At The Gas Pump Are Over As Prices Soar\u00a0<\/a><\/h3>\n<footer class=\"ArticleFull_headerFooter__2Nt6Y\"><\/footer>\n<\/header>\n<div class=\"NodeContent_mainContent__38L44\">\n<div class=\"NodeContent_body__2clki NodeBody_container__1M6aJ\">\n<p>When the virus pandemic first hit early last year, Americans were locked down in their homes as gasoline demand plunged and prices crashed. Last April, the nationwide average for gasoline was around $2. According to\u00a0<a href=\"https:\/\/gasprices.aaa.com\/?state=CA\">AAA<\/a>, prices are surging nationwide, up 32\u00a0cents in the previous month to $2.796\u00a0for regular.<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/2021-03-09_09-28-43.png?itok=eRkPstAG\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/2021-03-09_09-28-43.png?itok=eRkPstAG\" data-link-option=\"0\"><picture><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/2021-03-09_09-28-43.png?itok=eRkPstAG\" alt=\"\" width=\"500\" height=\"218\" data-entity-type=\"file\" data-entity-uuid=\"f6b9eae7-667c-4cf1-83d3-673546f77aa4\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p>On Monday, regular gasoline in Los Angeles County rose for the 27th consecutive day and\u00a0<strong>47th time in 48 days<\/strong>, increasing to $3.81, the highest since Dec. 3, 2019. Average prices for crude products in the metro area have been on a tear, resulting in a price shock for many consumers who are still battling food and housing insecurities, along with job loss as they wait for the\u00a0<a href=\"https:\/\/www.zerohedge.com\/markets\/senate-passes-19-trillion-stimulus-package\">next round of stimulus checks<\/a>.<\/p>\n<div class=\"Advert_desktop__1J5vD Advert_tablet__3QEBr Advert_mobile__1rlLc Advert_borderTop__2PX5m Advert_placement__1I4yb\">\n<aside id=\"in-content-video\" class=\"\" data-google-query-id=\"CLaKtO-dqO8CFTQKiAkdxp8MTA\">\n<div id=\"vi-stories-top-div-1\" class=\"vi-stories-top-div viUnit2\">\n<div id=\"vi-stories-main-container\" class=\"vi-stories-main-container vi-stories-z-index-base vi-stories-width-500-600 vi-stories-overlay-ui vi-stories-overlay-ui-enable vi-stories-overlay-ui-show vi-stories-floating vi-stories-close-button-show\">\n<div id=\"vi-stories-description-container\" class=\"vi-stories-z-index-base vi-stories-hide-while-floating\">\n<div id=\"vi-stories-title\">Tellimer&#8217;s Malik on OPEC+, Soaring Oil Prices, and the Delisting of Public Companies in Dubai<\/div>\n<\/div>\n<\/div>\n<div id=\"vi-stories-prebid-adunit\">AAA said average gasoline prices in Los Angeles had risen 46.5 cents in the past 48 days.<\/div>\n<\/div>\n<\/aside>\n<\/div>\n<p><em>Happy times at the pump are over as crude product prices continue to rise.\u00a0<\/em><\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/gas%20shock.jpg?itok=j-pWVFtI\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/gas%20shock.jpg?itok=j-pWVFtI\" data-link-option=\"0\"><picture><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/gas%20shock.jpg?itok=j-pWVFtI\" alt=\"\" width=\"500\" height=\"333\" data-entity-type=\"file\" data-entity-uuid=\"97fddecd-7b07-48d0-bd93-937d54009d07\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p>GasBuddy analyst Patrick DeHaan told\u00a0<a href=\"https:\/\/video.foxbusiness.com\/v\/6237913571001#sp=show-clips\">Fox News<\/a>\u00a0that\u00a0one reason for the jump in prices\u00a0is due to increased demand. Still, more importantly, he said the Organization of the Petroleum Exporting Countries (OPEC) &#8220;is not opening the spigot.&#8221;<\/p>\n<p>Last week, OPEC leaders maintained production cuts for all countries except Russia and Khazakstan. The news caused West Texas Intermediate and Brent to surge.<\/p>\n<p>OPEC&#8217;s decision last week\u00a0<a href=\"https:\/\/www.zerohedge.com\/markets\/brent-soars-above-69-after-goldman-hikes-price-target-80\">inspired<\/a> Goldman&#8217;s Damien Courvalin\u00a0to raise his Brent forecast by $5\/bbl, to $75\/bbl in 2Q and $80\/bbl in 3Q21:\u00a0&#8220;This increase in our price forecast reflects stronger time spreads, with our updated inventory path consistent with $5\/bbl additional backwardation over the next six months relative to our prior forecast.&#8221;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/GS%20price%20hike_0.jpg?itok=uS7NtoOS\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/GS%20price%20hike_0.jpg?itok=uS7NtoOS\" data-link-option=\"0\"><picture><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/GS%20price%20hike_0.jpg?itok=uS7NtoOS\" alt=\"\" width=\"500\" height=\"213\" data-entity-type=\"file\" data-entity-uuid=\"ce728125-4868-4e0f-865d-aa147b771580\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Happy Days At The Gas Pump Are Over As Prices Soar\u00a0 When the virus pandemic first hit early last year, Americans were locked down in their homes as gasoline demand plunged and prices crashed. Last April, the nationwide average for gasoline was around $2. According to\u00a0AAA, prices are surging nationwide, up 32\u00a0cents in the previous [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[1423,588,592,600,827,4318],"class_list":["post-57055","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-gasoline-price","tag-oil","tag-oil-price","tag-opec","tag-united-states","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57055","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=57055"}],"version-history":[{"count":0,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57055\/revisions"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=57055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=57055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=57055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}