{"id":18190,"date":"2021-11-29T10:14:14","date_gmt":"2021-11-29T16:14:14","guid":{"rendered":"https:\/\/www.paristn.net\/articles\/?p=18190"},"modified":"2021-11-29T10:14:14","modified_gmt":"2021-11-29T16:14:14","slug":"omicron-covid-19-news-causes-oil-prices-to-plummet","status":"publish","type":"post","link":"https:\/\/www.paristn.net\/articles\/2021\/11\/29\/omicron-covid-19-news-causes-oil-prices-to-plummet\/","title":{"rendered":"Omicron COVID-19 news causes Oil Prices to plummet"},"content":{"rendered":"

\"AAA\"Washington, D.C.<\/strong> – Crude oil prices initially tumbled more than $10.00 to $68 a barrel on Friday after news of the Omicron COVID-19 Coronavirus variant broke.<\/p>\n

Meanwhile, consumers caught a little break as the national average price for a gallon of gas dropped to $3.39, down a penny since last week.<\/p>\n

\"Will<\/a>

Will Gas Prices Follow Drop in Oil Prices? (AAA)<\/p><\/div>\n

<\/p>\n

\u201cIt\u2019s too soon to tell if fears of a global economic slowdown caused by the Omicron variant will push oil prices lower for the long term,\u201d said Andrew Gross, AAA spokesperson.<\/p>\n

\u201cBut for now, the upward pricing pressure due to tightened supply and high demand seems to have abated, and that will likely result in pump prices stabilizing,\u201d Gross stated.<\/p>\n

Today\u2019s national average of $3.39 is a penny less than a month ago and $1.27 more than a year ago.<\/p>\n

Quick Stats <\/h3>\n

\"2018-2021<\/a>The nation\u2019s top 10 least expensive markets<\/strong>: Oklahoma ($2.95), Texas ($2.98), Arkansas ($3.02), Missouri ($3.04), Kansas ($3.04), Mississippi ($3.04), Kentucky ($3.06), South Carolina ($3.09), Tennessee ($3.10) and Wisconsin ($3.10).<\/p>\n

The nation\u2019s top 10 most expensive markets<\/strong>: California ($4.71), Hawaii ($4.35), Nevada ($3.96), Washington ($3.88), Oregon ($3.79), Arizona ($3.77), Alaska ($3.71), Idaho ($3.68), Utah ($3.67) and Pennsylvania ($3.59).<\/p>\n

Oil Market Dynamics<\/h3>\n

 <\/strong>At the close of Friday\u2019s formal trading session, WTI decreased by $10.24 to settle at $68.15. Crude prices fell amid concerns about the new COVID-19 Coronavirus Omicron variant and the travel restrictions announced by the Joe Biden administration.<\/p>\n

With little known about the new variant, it is unclear what long-term impact it may have on crude prices. Before reports of the new variant, Energy Information Administration (EIA)\u2019s weekly report revealed that total domestic crude supply increased by 1 million bbl to 434 million bbl.<\/p>\n

However, prices rose last week despite President Joe Biden\u2019s announcement that the federal government will make available up to 32 million bbl of oil held in the United States Strategic Petroleum Reserve (SPR) and accelerate the timeline for the sale of an additional 18 million bbl of SPR oil, as mandated by Congress. The effort is expected to be coordinated with the release of oil from other major crude consuming countries, including China, India, Japan, South Korea, and the U.K, to help reduce the price of crude.<\/p>\n

[470center]<\/p>\n

How much of a price impact, and how long the price relief at the pump will last, depends on the total amount of oil that moves into the market after the coordinated releases around the globe.<\/p>\n

For this week, crude prices could decline further if the global market begins to see an increase in supply from the joint releases or EIA\u2019s next report shows another increase in total domestic supply. Additionally, market watchers will keep their eye on the impact of the Omicron variant on the oil market.<\/p>\n

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel, and access AAA roadside assistance. Learn more at AAA.com\/mobile<\/a>.<\/p>\n

About AAA – The Auto Club Group<\/h3>\n

The Auto Club Group (ACG) is the second-largest AAA club in North America with more than 14 million members across 14 U.S. states, the province of Quebec, and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking, and financial services, travel offerings, and more.<\/p>\n

ACG belongs to the national AAA federation with more than 62 million members in the United States and Canada. AAA\u2019s mission is to protect and advance freedom of mobility and improve traffic safety.<\/p>\n

For more information, get the AAA Mobile app<\/a>, visit AAA.com<\/a>, and follow us on Facebook, Twitter, and LinkedIn.<\/p>\n","protected":false},"excerpt":{"rendered":"

Washington, D.C. – Crude oil prices initially tumbled more than $10.00 to $68 a barrel on Friday after news of the Omicron COVID-19 Coronavirus variant broke. Meanwhile, consumers caught a little break as the national average price for a gallon of gas dropped to $3.39, down a penny since last week.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[17],"tags":[1361,9166,1834,2796,5451,566,855,12675,12712,13392,7701,9969,9800,107,6620,10205,10655,6655,3380,13032,4050,1641,2801,1644,1838,9284,2848,1839,1647,2803,7093,261,1840,13393,13394,7316,7063,5588,3338,1650,9460],"class_list":["post-18190","post","type-post","status-publish","format-standard","hentry","category-community","tag-aaa","tag-alaska","tag-arizona","tag-arkansas","tag-california","tag-china","tag-congress","tag-coronavirus","tag-covid-19","tag-covid-19-omicron-variant","tag-crude-oil","tag-eia","tag-energy-information-administration","tag-featured","tag-gas-prices","tag-hawaii","tag-idaho","tag-india","tag-japan","tag-joe-biden","tag-kansas","tag-kentucky","tag-mississippi","tag-missouri","tag-nevada","tag-oil-prices","tag-oklahoma","tag-oregon","tag-pennsylvania","tag-south-carolina","tag-south-korea","tag-tennessee","tag-texas","tag-u-s-presidnet","tag-u-s-stratetic-petroleum-reserve","tag-united-kingdom","tag-utah","tag-washington","tag-washington-d-c","tag-wisconsin","tag-wti"],"_links":{"self":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts\/18190","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/comments?post=18190"}],"version-history":[{"count":1,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts\/18190\/revisions"}],"predecessor-version":[{"id":18192,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/posts\/18190\/revisions\/18192"}],"wp:attachment":[{"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/media?parent=18190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/categories?post=18190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paristn.net\/articles\/wp-json\/wp\/v2\/tags?post=18190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}