OPEC Has Regained Its Grip On Oil Markets

OPEC

 

Higher oil prices seem to have given OPEC the confidence that it needs to begin thinking about moving forward, and with Russia in the mix as well, it appears as though the alliance will be a force to be reckoned with.

– Gasoline prices averaged $2.92 per gallon for the week ending on May 21, and have surpassed $3 per gallon in regional markets.

– The prices are the highest for the Memorial Day weekend in four years.

– However, prices are likely to fall back soon with crude oil prices plunging over the past week. Continue reading