Will Gasoline Prices Drop In 2022? It Depends On OPEC, US Shale

The market is now looking to the U.S. shale industry, which has provided most of the non-OPEC output increase over the past decade.

Stephanie Kelly, Noah Browning and Sabrina Valle, Reuters

Whether fuel pump prices fall in 2022 depends on two groups of producers who are struggling to increase oil output in the wake of the pandemic: OPEC and its allies and U.S. shale firms.

The global oil industry's slow response to the surging demand in 2021 has contributed to soaring energy costs and inflationary pressures worldwide. As the economy recovers and populations resume road, rail and air travel, global oil demand has nearly rebounded to pre-pandemic levels.

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