Good news for drivers, as a surge in national oil production and the Americas is expected to outapce demand by 2030, which should drive down already declining gas prices.
Total supply capacity is forecast to rise to nearly 114 million barrels a day by 2030 – a staggering 8 million barrels per day above projected global demand, a new report by the International Energy Agency has found. When demand slows for gas prices, typically plummet. An example was seen during COVID when lockdowns left many people at home and not on the road pushing prices below $2-per-gallon in some areas.
