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close video GasBuddy analyst reports some states seeing 20 to 30-cent bumps at the pump

GasBuddy head of petroleum analysis Patrick De Haan warns retail gas prices will ‘accelerate’ in a few days due to OPEC’s surprise cuts.

After OPEC members announced surprise production cuts in its oil outputs just before the busy summer travel season, one GasBuddy analyst warned American drivers could see a gas price spike within "the next few days."

"I think it's just within a matter of the next few days, we'll start to see those retail gas prices accelerating as a result of those OPEC production cuts," GasBuddy head of petroleum analysis Patrick De Haan said on "Varney & Co." Tuesday.

OPEC’s decision to pump 1.15 million fewer barrels of oil each day, according to the expert, may force state gas price averages to increase anywhere from 5 to 15 cents.

"The week-on-week increase is only about a nickel, but we are starting to see some signs that states are going to go up big," De Haan clarified. "In fact, some big jumps today in the state of Ohio where prices seemingly jumping 20 to 30 cents, that's going to spread throughout the Midwest and then into Florida. Those states tend to be bellwethers that move first."

GAS PRICES COULD HIT $4 A GALLON AFTER OPEC PRODUCTION CUT

As of Tuesday, the price of regular gasoline averaged $3.50, according to AAA. This means if De Haan’s prediction is correct, gas prices could breach $4 in just a few weeks.

GasBuddy head of petroleum analysis Patrick De Haan warned of “big jumps” in gas prices within “the next few days” on “Varney & Co.” Tuesday. (iStock)

States in the Midwest and some parts of Florida have already shown signs of "price cycling," the analyst pointed out.

"They're the first to move, and they generally see really big corrections. So Ohio is starting to see some of those stations go up 20 to 30 cents, and I would say within the next 24 hours, we'll likely see the same happening in Indiana and Michigan, where stations could also get closer to $4, maybe $3.85 or $3.95 in those states," DeHaan said.

"That's a 20 to 30-cent bump," he emphasized, "and that's what the rest of the nation may start to see as well with the national average potentially rising 10 to 15 cents over the next week or two."

For those who use heavy machinery and require diesel, De Haan indicated that those retail prices "continue to moderate." close video OPEC’s oil cut surprise a ‘slap in the face’ to Biden: Phil Flynn

Payne Capital Management President Ryan Payne, Geltrude & Company founder Dan Geltrude, and The Price Futures Group senior market analyst Phil Flynn react to OPEC announcing oil output cuts on ‘The Claman Countdown.’

"We should see the average price for diesel continuing to inch down. Of course, that remains a wild card if OPEC further cuts oil production or if there are any refinery hiccups, that could change," De Haan said. "But diesel prices [are] continuing to moderate."

But less than 60 days away is hurricane season – one factor that Lipow Oil Associates President Andy Lipow says further complicates gas prices.

GET FOX BUSINESS ON THE GO BY CLICKING HERE close video We are now dependent on a cartel in Saudi Arabia for oil: Sen. Markwayne Mullin

Sen. Markwayne Mullin, R-Okla., addresses how OPEC+ plans to cut oil production by 1 million barrels a day on The Bottom Line.

"A major storm making landfall along the Gulf Coast, where 15% of the nation’s oil production and over 45% of the nation’s refinery capacity is located, can result in a significant supply disruption sending prices even higher," Lipow previously told FOX Business.

Oil production rose to nearly 12.5 million barrels per day in January, which is the highest level since March 2020, according to data from the Energy Information Administration.

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FOX Business’ Daniella Genovese contributed to this report.

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Deadly Russian strikes condemned as ‘savage’ – as dozens more injured in Ukrainian city

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Deadly Russian strikes condemned as 'savage' - as dozens more injured in Ukrainian city

At least four people have been killed in the eastern Ukrainian city of Kharkiv after a series of Russian attacks.

President Volodymyr Zelenskyy described one of the attacks as a “savage killing”, saying dozens of people had been injured.

It comes after Kyiv embarrassed Moscow when it launched a daring drone raid deep inside Russia last weekend, destroying dozens of bombers.

Firefighters work at the site of a building hit by a Russian drone strike in Kharkiv. Pic: Reuters
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Firefighters work at the site of a building hit by a Russian drone strike in Kharkiv. Pic: Reuters

Meanwhile, attempted US-led peace talks between the two appear to be floundering.

During the attacks on Saturday, Kharkiv mayor Ihor Terekhov said: “Kharkiv is currently experiencing the most powerful attack in the entire time of the full-scale war.”

The first wave of the Russian strike was a large drone-and-missile attack in the early hours of Saturday morning.

Nightly attacks from Moscow have become a routine part of the conflict.

At least three people died and 21 others were injured. There are reports that some people remain trapped underneath the rubble.

Then, in the afternoon, Russia dropped aerial bombs on the city centre, killing at least one person and wounding more.

Ukraine and Russia also accused one another of trying to sabotage a planned prisoner exchange.

Rescuers and paramedics carry an injured resident after she was freed from debris in Kharkiv.
Pic: Reuters/Sofiia Gatilova
Image:
A woman was freed from debris in Kharkiv. Pic: Reuters/Sofiia Gatilova

Residents reckon with Russian strikes

As emergency workers fought fires at the attack sites in Kharkiv, residents had to deal with the fallout of strikes that could have claimed their lives.

Alina Belous tried to extinguish flames with buckets of water to rescue a young girl trapped inside a burning building, as she called out for help.

“We were trying to put it out ourselves with our buckets, together with our neighbours,” she said.

“Then the rescuers arrived and started helping us put out the fire, but there was smoke and they worried that we couldn’t stay there.

“When the ceiling started falling off, they took us out.”

An injured resident is taken away by paramedics after being rescued in Kharkiv following a Russian attack.
Pic: Reuters/Sofiia Gatilova
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A man is taken away by paramedics in Kharkiv. Pic: Reuters/Sofiia Gatilova

An apartment building hit by Russia's attack on Kharkiv on Saturday.
Pic: Reuters/Vitalii Hnidyi
Image:
An apartment building hit by Russia’s attack on Kharkiv. Pic: Reuters/Vitalii Hnidyi

Vadym Ihnachenko said he initially thought it was a neighbouring building going up in flames – not his own.

He was forced to flee after seeing smoke coming from his building’s roof.

Diplomatic efforts stall

Several other areas in Ukraine were also hit, including the regions of Donetsk, Dnipropetrovsk, Odesa, and the city of Ternopil, Ukrainian foreign minister Andriy Sybiha said.

Russia acknowledged the attacks, but not the deaths, saying it had targeted military sites, while pictures show apartment blocks on fire.

Read more:
Putin plays the victim to get the US onside
Putin vowed revenge against Ukraine, Trump says

Rescuers carry away an injured resident after the first wave of Russia's attack on Kharkiv.
Pic: Reuters/Sofiia Gatilova
Image:
Rescuers carry the injured after the first wave of Russia’s attack. Pic: Reuters/Sofiia Gatilova

The regional governor, Oleh Syniehubov, said children were among those injured in the first attack.

While a US-led diplomatic push for peace has led to two rounds of direct peace talks between delegations from Russia and Ukraine, they delivered no significant breakthroughs.

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Later on Saturday, Russia and Ukraine also accused each other of endangering plans to swap 6,000 bodies of soldiers killed in action.

This had been agreed during peace talks in Istanbul, Turkey, on Monday.

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Briscoe wins third straight pole at Michigan

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Briscoe wins third straight pole at Michigan

BROOKLYN, Mich. — Chase Briscoe won his third straight pole and NASCAR -high fourth this year at Michigan International Speedway on Saturday.

Briscoe, driving the No. 19 Toyota for Joe Gibbs Racing, turned a lap of 195.514 mph in qualifying on the 2-mile oval in the fastest pole in the Cup Series since Ryan Blaney went 200-plus mph at Texas in 2018.

He is aiming for his first win this year after five top-five finishes, and the third victory of his career.

“It will be nice starting up front and we’ve been able to do that now three weeks in a row but haven’t been able to execute with it,” Briscoe said. “So, hopefully third time is a charm.”

Kyle Busch, in the No. 8 Chevrolet, will start second Sunday in the FireKeepers Casino 400.

Denny Hamlin, in the No. 11 Toyota, qualified third and points leader William Byron, in the No. 24 Chevrolet, was fourth.

Defending race champion Tyler Reddick, in the No. 45 Toyota, will start 12th and for 23XI Racing, which is suing NASCAR.

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Hamlin undeterred by ruling siding with NASCAR

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Hamlin undeterred by ruling siding with NASCAR

BROOKLYN, Mich. — Denny Hamlin is unfazed that a three-judge federal appellate panel vacated an injunction that required NASCAR to recognize 23XI, which he owns with Michael Jordan, and Front Row as chartered teams as part of an antitrust lawsuit.

“That’s just such a small part of the entire litigation,” Hamlin said Saturday, a day ahead of the FireKeepers Casino 400. “I’m not deterred at all. We’re in good shape.”

Hamlin said Jordan feels the same way.

“He just remains very confident, just like I do,” Hamiln said.

NASCAR has not commented on the latest ruling.

23XI and Front Row sued NASCAR late last year after refusing to sign new agreements on charter renewals. They asked for a temporary injunction that would recognize them as chartered teams for this season, but the Fourth Circuit Court of Appeals in Richmond, Virginia, on Thursday ruled in NASCAR’s favor.

“We’re looking at all options right now,” Hamlin said.

The teams, each winless this year, said they needed the injunction because the current charter agreement prohibits them from suing NASCAR. 23XI also argued it would be harmed because Tyler Reddick’s contract would have made him a free agent if the team could not guarantee him a charter-protected car.

Hamlin insisted he’s not worried about losing drivers because of the uncertainty.

“I’m not focused on that particularly right this second,” he said.

Reddick, who was last year’s regular-season champion and competed for the Cup title in November, enters the race Sunday at Michigan ranked sixth in the Cup Series standings.

The charter system is similar to franchises in other sports, but the charters are revocable by NASCAR and have expiration dates.

The six teams may have to compete as “open” cars and would have to qualify on speed each week to make the race and would receive a fraction of the money.

Without a charter, Hamlin said it would cost the teams “tens of millions,” to run three cars.

“We’re committed to run this season open if we have to,” he said. “We’re going to race and fulfill all of our commitments no matter what. We’re here to race. Our team is going to be here for the long haul and we’re confident of that.”

The antitrust case isn’t scheduled to be heard until December.

NASCAR has not said what it would do with the six charters held by the two organizations if they are returned to the sanctioning body. There are 36 chartered cars for a 40-car field.

“We feel like facts were on our side,” Hamlin said. “I think if you listen to the judges, even they mentioned that we might be in pretty good shape.”

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