After approaching $130 a barrel last week, oil prices are now below $100 a barrel as of Tuesday afternoon. But so far, that has not translated to lower prices at the pump.
At the corner of Laguna and Lombard Streets in San Francisco, Lyft driver Benjamin Penn is glad he upgraded to an even more fuel efficient hybrid that gets 10 more miles to the gallon. It means an extra $70 in his pocket each week.San Francisco Tenderloin Residents Concerned As Parts Of State Of Emergency Set To Expire
“I’m doing better than minimum wage, but if I lean back a little bit I bump up against it,” he told KPIX 5. “It’s really tight. I’m not going out to dinner, there’s no extra money anywhere.”“I think there was a lot of speculation last week around the announcement about Russian crude oil imports into the United States and that certainly drove market volatility,” said Frank Macchirola with the American Petroleum Institute.
The U.S. Energy Information Administration anticipates the country will increase production significantly this year starting in April — with an expected increase of 117,000 barrels per day. Slagle says more could come out of California if permits were approved.Higher Oil Prices, Demand For Flights May Soon Lead To Rising Plane Fares - 'Lock It In Now'
“There are more than a thousand permits out there right now for shovel ready projects. If those were approved in relatively shorter order, you could see some production increases and probably enough to make up for that three and half percent from Russia,” said Slagle.
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