The oil prices’ rise may greatly affect consumers.
Oil prices’ rise will be felt in the near future according to CEO Mike Wirth. (Photo: Rigzone)
Oil Prices’ Rise In The Near Future Due To Two Main Reasons
Chevron’s CEO, Mike Wirth, predicts oil prices’ rise in the future due to tightening supply and decreasing inventories. He believes oil could reach close to $100 a barrel, with Brent Crude currently priced at $93.83 which may result in the oil prices’ rise
While the oil prices’ rise is a concern, Wirth remains positive about the overall outlook. The oil prices’ rise contributed to inflation, which has affected American consumers.
The Federal Reserve has raised interest rates to combat inflation, leading to higher mortgage, car, and credit card payments, and oil prices’ rise. Student debt repayment will soon resume for many Americans, with higher amounts than expected due to a court ruling.
According to a published article by The US Sun, President Biden’s plan to forgive student debt was overruled by the Supreme Court, but some Americans will still receive payments to alleviate the impact of inflation and debt.
Oil Prices’ Rise And Its Effect
In a published article by PressBee, consumers such as drivers don’t yet feel the effect of the oil prices’ rise. But later on, when they decide to pump their vehicles, oil prices’ rise may be felt. Oil prices’ rise could cause many struggles especially to consumers.
It may also result in higher amounts per barrel. Tightening supply and the decrease in inventories are reasons for the oil prices’ rise.
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