Fuel-Conscious U.S. Drivers Crimp OPEC’s Bid to Raise Oil Prices
- Gasoline consumption so far this year down 1.7% from 2016: EIA
- Average pump price is up almost 30% from year ago: AAA
Janus Analyst Says OPEC to Keep Output Low Through Summer
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Rising U.S. oil production isn’t the only thing getting in the way of OPEC’s efforts to drain a global glut. American drivers aren’t helping either.
The Organization of Petroleum Exporting Countries is counting on growing demand to bolster the production cuts it’s making in a bid to balance the market. But motorists in the U.S. -- the world’s largest consumer of gasoline -- are using less, not more. And that’s not likely to change any time soon.