America is experiencing an oil and gas renaissance, but don’t expect to see any signs of progress at the pump this summer. Industry experts say we can expect to see gas prices climb some 14% higher than 2017 over the course of the next few months.
So, what gives?
At the end of 2016, Saudi Arabia, Russia and the rest of the OPEC member countries agreed to cut back on oil production through 2018. This decision was made in an effort to prevent a worldwide “oil glut.” According to CNN, the decision is working; crude oil prices have doubled and reserves of oil are slowly but surely being eaten away.
Admittedly, this news couldn’t come at a more inopportune time. April signals the arrival of the summer travel season, and Americans all over the country are planning their spring breaks, summer vacations and other travel excursions. Families who were hoping to save a significant amount of money by driving instead of flying, now face the harsh reality of gas prices hovering near the $3 range, and while that’s far less than the record-breaking prices of 2008, it’s still not easy to swallow.
As an oil and gas marketer or c-store owner, you may not be able to change the price of gasoline, but you can provide an amazing customer experience that your clients are sure to love. For strategies, tips and information on coping with the rise of oil prices, and improving your business contact the team here at the WPMA.