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.
Some of the most dynamic home run hitters in baseball will be taking aim at the Truist Park stands on Monday (8 p.m. ET on ESPN) in one of the most anticipated events of the summer.
While the prospect of a back-to-back champion is out of the picture — 2024 winner Teoscar Hernandez is not a part of this year’s field — a number of exciting stars will be taking the field, including Atlanta’s own Matt Olson, who replacedRonald Acuna Jr. just three days before the event. Will Olson make a run in front of his home crowd? Will Cal Raleigh show off the power that led to 38 home runs in the first half? Or will one of the younger participants take the title?
We have your one-stop shop for everything Derby related, from predictions to live updates once we get underway to analysis and takeaways at the night’s end.
Who is going to win the Derby and who will be the runner-up?
Jeff Passan: Raleigh. His swing is perfect for the Derby: He leads MLB this season in both pull percentage and fly ball percentage, so it’s not as if he needs to recalibrate it to succeed. He has also become a prolific hitter from the right side this season — 16 home runs in 102 at-bats — and his ability to switch between right- and left-handed pitching offers a potential advantage. No switch-hitter (or catcher for that matter) has won a Home Run Derby. The Big Dumper is primed to be the first, beating Buxton in the finals.
Alden Gonzalez: Cruz. He might be wildly inconsistent at this point in his career, but he is perfect for the Derby — young enough to possess the stamina required for a taxing event that could become exhausting in the Atlanta heat; left-handed, in a ballpark where the ball carries out better to right field; and, most importantly, capable of hitting balls at incomprehensible velocities. Raleigh will put on a good show from both sides of the plate but will come in second.
Buster Olney: Olson. He is effectively pinch-hitting for Acuna, and because he received word in the past 72 hours of his participation, he hasn’t had the practice rounds that the other competitors have been going through. But he’s the only person in this group who has done the Derby before, which means he has experienced the accelerated pace, adrenaline and push of the crowd.
His pitcher, Eddie Perez, knows something about performing in a full stadium in Atlanta. And, as Olson acknowledged in a conversation Sunday, the park generally favors left-handed hitters because of the larger distances that right-handed hitters must cover in left field.
Jesse Rogers: Olson. Home-field advantage will mean something this year as hitting in 90-plus degree heat and humidity will be an extra challenge in Atlanta. Olson understands that and can pace himself accordingly. Plus, he was a late addition. He has got nothing to lose. He’ll outlast the young bucks in the field. And I’m not putting Raleigh any lower than second — his first half screams that he’ll be in the finals against Olson.
Jorge Castillo: Wood. His mammoth power isn’t disputed — he can jack baseballs to all fields. But the slight defect in his power package is that he doesn’t hit the ball in the air nearly as often as a typical slugger. Wood ranks 126th out of 155 qualified hitters across the majors in fly ball percentage. And he still has swatted 24 home runs this season. So, in an event where he’s going to do everything he can to lift baseballs, hitting fly balls won’t be an issue, and Wood is going to show off that gigantic power en route to a victory over Cruz in the finals.
Who will hit the longest home run of the night — and how far?
Passan: Cruz hits the ball harder than anyone in baseball history. He’s the choice here, at 493 feet.
Gonzalez: If you exclude the Coors Field version, there have been just six Statcast-era Derby home runs that have traveled 497-plus feet. They were compiled by two men: Aaron Judge and Giancarlo Stanton. James Wood — all 6-foot-7, 234 pounds of him — will become the third.
Olney: James Wood has the easy Stanton- and Judge-type power, and he will clear the Chophouse with the longest homer. Let’s say 497 feet.
Rogers: Hopefully he doesn’t injure himself doing it, but Buxton will break out his massive strength and crush a ball at least 505 feet. I don’t see him advancing far in the event, but for one swing, he’ll own the night.
Castillo: Cruz hits baseballs hard and far. He’ll crush a few bombs, and one will reach an even 500 feet.
Who is the one slugger fans will know much better after the Derby?
Passan: Buxton capped his first half with a cycle on Saturday, and he’ll carry that into the Derby, where he will remind the world why he was baseball’s No. 1 prospect in 2015. Buxton’s talent has never been in question, just his health. And with his body feeling right, he has the opportunity to put on a show fans won’t soon forget.
Olney: Caminero isn’t a big name and wasn’t a high-end prospect like Wood was earlier in his career. Just 3½ years ago, Caminero was dealt to the Rays by the Cleveland Guardians in a relatively minor November trade for pitcher Tobias Myers. But since then, he has refined his ability to cover inside pitches and is blossoming this year into a player with ridiculous power. He won’t win the Derby, but he’ll open some eyes.
What’s the one moment we’ll all be talking about long after this Derby ends?
Gonzalez: The incredible distances and velocities that will be reached, particularly by Wood, Cruz, Caminero, Raleigh and Buxton. The hot, humid weather at Truist Park will only aid the mind-blowing power that will be on display Monday night.
Rogers: The exhaustion on the hitter’s faces, swinging for home run after home run in the heat and humidity of Hot-lanta!
Castillo: Cruz’s 500-foot blast and a bunch of other lasers he hits in the first two rounds before running out of gas in the finals.
Tampa Bay Rays owner Stu Sternberg has agreed in principle to a $1.7 billion deal to sell the franchise to a group led by a Florida-based developer Patrick Zalupski, according to a report from The Athletic.
The deal is reportedly expected to be closed as early as September and will keep the franchise in the area, with Zalupski, a homebuilder in Jacksonville, having a strong preference to land in Tampa rather than St. Petersburg.
Sternberg bought the Rays in 2004 for $200 million.
According to Zalupski’s online bio, he is the founder, president and CEO of Dream Finders Homes. The company was founded in December 2008 and closed on 27 homes in Jacksonville the following year. Now, with an expanded footprint to many parts of the United States, Dream Finders has closed on more than 31,100 homes since its founding.
He also is a member of the board of trustees at the University of Florida.
The new ownership group also reportedly includes Bill Cosgrove, the CEO of Union Home Mortgage, and Ken Babby, owner of the Akron RubberDucks and Jacksonville Jumbo Shrimp, both minor-league teams.
A year ago, Sternberg had a deal in place to build a new stadium in the Historic Gas Plant District, a reimagined recreational, retail and residential district in St. Petersburg to replace Tropicana Field.
However, after Hurricane Milton shredded the roof of the stadium last October, forcing the Rays into temporary quarters, Sternberg changed his tune, saying the team would have to bear excess costs that were not in the budget.
“After careful deliberation, we have concluded we cannot move forward with the new ballpark and development project at this moment,” Sternberg said in a statement in March. “A series of events beginning in October that no one could have anticipated led to this difficult decision.”
MLB commissioner Rob Manfred and some other owners began in March to privately push Sternberg to sell the franchise, The Athletic reported.
It is unclear what Zalupski’s group, if it ultimately goes through with the purchase and is approved by MLB owners, will do for a permanent stadium.
The Rays are playing at George M. Steinbrenner Field in Tampa, located at the site of the New York Yankees‘ spring training facility and home of their Single-A Tampa Tarpons.
ATLANTA — Shohei Ohtani will bat leadoff as the designated hitter for the National League in Tuesday night’s All-Star Game at Truist Park, and the Los Angeles Dodgers star will be followed in the batting order by left fielder Ronald Acuna Jr. of the host Atlanta Braves.
Pittsburgh Pirates right-hander Paul Skenes will start his second straight All-Star Game, Major League Baseball announced last week. Detroit Tigers left-hander Tarik Skubal will make his first All-Star start for the American League.
“I think when you’re talking about the game, where it’s at, these two guys … are guys that you can root for, are super talented, are going to be faces of this game for years to come,” Roberts said.
Ohtani led off for the AL in the 2021 All-Star Game, when the two-way sensation also was the AL’s starting pitcher. He hit leadoff in 2022, then was the No. 2 hitter for the AL in 2023 and for the NL last year after leaving the Los Angeles Angels for the Dodgers.
Skenes and Skubal are Nos. 1-2 in average four-seam fastball velocity among those with 1,500 or more pitches this season, Skenes at 98.2 mph and Skubal at 97.6 mph, according to MLB Statcast.
A 23-year-old right-hander, Skenes is 4-8 despite a major league-best 2.01 ERA for the Pirates, who are last in the NL Central. The 2024 NL Rookie of the Year has 131 strikeouts and 30 walks in 131 innings.
Skubal, a 28-year-old left-hander, is the reigning AL Cy Young Award winner. He is 10-3 with a 2.23 ERA, striking out 153 and walking 16 in 121 innings.