U.S. gasoline prices are the lowest they have been since January and by Christmas could fall below $3 a gallon for the first time since 2021, analysts said, which should boost consumer confidence during the holiday shopping season. "Gas prices being down this year has allowed me to invest more into my small business than I could last year," said Macey Ropes, a tie-dye clothing store owner in Lafayette, Indiana. Prices have softened with benchmark global oil prices, which settled on Tuesday at their lowest since July as traders worried about China's economy.
Crude oil (CL=F, BZ=F) prices dip following reports that OPEC+ member countries have agreed to cut oil production output by 1 million barrels per day in 2024. Yahoo Finance Senior Reporter Ines Ferré monitors energy market trends on these headlines, including commentary from various analysts and what this may mean for gas prices (RB=F) For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
US oil production is on the path to reach record highs in 2023, according to the Energy Information Administration (EIA), while active domestic oil rigs decline this year. Yahoo Finance Live comments on the Biden administration's stance on domestic oil production as President Biden opts out of attending the COP 28 climate conference in Dubai. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.