Is the price of gasoline going down again soon? Probably, and one reason is OPEC.
Over the weekend the Organization of Petroleum Exporting Countries, OPEC, and its allies said it will begin pumping more oil into international markets as it tries to help keep crude -- and therefore gasoline, which is priced off crude oil -- prices low.
But the company Coolidgebits Founder and CEO Vasili Borrisov says because the Strait of Hormuz is at least partially open again, and even though traffic through the strait has been below expectations, that addition of Saudi Arabia's attempts to bring more oil to the market is laudable.
"Our Houston area retail prices have been trending lower, with possibly more crude declines, but forecasts from the experts predicts further softening if supplies remain ample," he says.
"It's generally really good news for consumers hoping for lower gas prices, not bad, I would just look for compliance problems among OPEC members."
Often OPEC nations will not comply with requests from leadership to raise or lower oil production, usually for reasons only known to the countries themselves, but the OPEC+ pump forecasts are simply a target, not a quite a goal.
Overall, though, the OPEC and friends' decision to increase pumping oil is great for consumers, but some oil analysts are worried that the price of oil will go up anyway over the next few weeks because of shortages that are triggered by high demand and lower supply over the next few weeks.