GasBuddy analyst gives warning about gas price changes

Published

2 years ago

April 5, 2023

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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.

Technology

Here’s where Apple makes its products — and how Trump’s tariffs could have an impact

Published

3 hours ago

April 3, 2025

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Here's where Apple makes its products — and how Trump's tariffs could have an impact

Apple’s iPhone 16 at an Apple Store on Regent Street in London on Sept. 20, 2024.

Rasid Necati Aslim | Anadolu | Getty Images

Apple has made moves to diversify its supply chain beyond China to places like India and Vietnam, but tariffs announced by the White House are set to hit those countries too.

U.S. President Donald Trump laid out “reciprocal tariff” rates on more than 180 countries on Wednesday.

China will face a 34% tariff, but with the existing 20% rate, that brings the true tariff rate on Beijing under this Trump term to 54%, CNBC reported. India faces a 26% tariff, while Vietnam’s rate is 46%.

Apple was not immediately available for comment when contacted by CNBC.

Here’s a breakdown on Apple’s supply chain footprint that could be affected by tariffs.

China

The majority of Apple’s iPhones are still assembled in China by partner Foxconn.

China accounts for around 80% of Apple’s production capacity, according to estimates from Evercore ISI in a note last month.

Around 90% of iPhones are assembled in China, Evercore ISI said.

While the number of manufacturing sites in China dropped between Apple’s 2017 and 2020 fiscal year, it has since rebounded, Bernstein said in a note last month. Chinese suppliers account for around 40% of Apple’s total, Bernstein said.

Evercore ISI estimates that 55% of Apple’s Mac products and 80% of iPads are assembled in China.

India

Apple is targeting around 25% of all iPhones globally to be made in India, a government minister said in 2023.

India could reach about 15%-20% of overall iPhone production by the end of 2025, Bernstein analysts estimate. Evercore ISI said around 10% to 15% of iPhones are currently assembled in India.

Vietnam

Vietnam has emerged in the past few years as a popular manufacturing hub for consumer electronics. Apple has increased its production in Vietnam.

Around 20% of iPad production and 90% of Apple’s wearable product assembly like the Apple Watch takes place in Vietnam, according to Evercore ISI.

Other key countries

Malaysia is a growing manufacturing location for Apple for Macs and is facing a 25% tariff. Thailand is also a small hub for Mac production and will be hit with a 36% levy.

Apple also sources components from South Korea, Japan, Taiwan and the United States. Components may be shipped from one country to another before assembly takes place in China or elsewhere.

In February, Apple announced plans to open a new factory for artificial intelligence servers in Texas as part of a $500 billion investment in the U.S.

However, Apple does not have mass production in the United states. It produces only the Mac Pro in Texas.

Politics

Alabama, Minnesota lawmakers join US states pushing for Bitcoin reserves

Published

3 hours ago

April 3, 2025

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Alabama, Minnesota lawmakers join US states pushing for Bitcoin reserves

Lawmakers in the US states of Minnesota and Alabama filed companion bills to identical existing bills that if passed into law, would allow each state to buy Bitcoin.

The Minnesota Bitcoin Act, or HF 2946, was introduced to the state’s House by Republican Representative Bernie Perryman on April 1, following an identical bill introduced on March 17 by GOP state Senator Jeremy Miller.

Meanwhile, on the same day in Alabama, Republican state Senator Will Barfoot introduced Senate Bill 283, while a bi-partisan group of representatives led by Republican Mike Shaw filed the identical House Bill 482, which allows for the state to invest in crypto, but essentially limits it to Bitcoin (BTC).

Twin Alabama bills don’t explicitly name Bitcoin

Minnesota’s Bitcoin Act would allow the state’s investment board to invest state assets in Bitcoin and other cryptocurrencies and permit state employees to add crypto to retirement accounts.

It would also exempt crypto gains from state income taxes and give residents the option to pay state taxes and fees with Bitcoin.

The twin Alabama bills don’t explicitly identify Bitcoin, but would limit the state’s crypto investment into assets that have a minimum market value of $750 billion, a criterion that only Bitcoin currently meets.

26 Bitcoin reserve bills now introduced in the US

Introducing identical bills is not uncommon in the US and is typically done to speed up the bicameral legislative process so laws can pass more quickly.

Bills to create a Bitcoin reserve have been introduced in 26 US states, with Arizona currently the closest to passing a law to make one, according to data from the bill tracking website Bitcoin Laws.

Pennsylvania was one of the first US states to introduce a Bitcoin reserve bill, in November 2024. However, the initiative was reportedly eventually rejected, with similar bills also killed in Montana, North Dakota, South Dakota and Wyoming.

Law, Bitcoin Regulation, United States, Policy, Bitcoin Reserve — *Montana, North Dakota, Pennsylvania, South Dakota and Wyoming are the five states thathave rejected Bitcoin reserve initiatives. Source: Bitcoin Laws*

According to a March 3 report by Barron’s, “red states” like Montana have faced setbacks to the Bitcoin reserve initiatives amid political confrontations between the Democratic Party and the Republican Party.

Additional reporting by Helen Partz.

Magazine: Financial nihilism in crypto is over — It’s time to dream big again

Environment

Hyundai’s super-efficient Ioniq 6 updated with sportier look, ‘N’ model coming soon

Published

5 hours ago

April 3, 2025

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Hyundai's super-efficient Ioniq 6 updated with sportier look, 'N' model coming soon

Hyundai has unveiled the design refresh of its Ioniq 6 sedan, and announced that it will become a family of cars rather than a single model, with an N Line trim and upcoming N performance model, much like its sister car the Ioniq 5.

Hyundai has been doing great with its EVs lately, hitting sales records and getting great reviews.

Much of that focus has been on the Ioniq 5, an attractive crossover SUV with lots of capability at a good price – and a bonkers N performance version which has been breaking different kinds of records.

The Ioniq 6, conversely, hasn’t attracted quite as much attention, even though it has some records of its own (it’s the most efficient vehicle in the US… for under $70k).

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Between its admittedly odd looks – much more aerodynamic and rounded than the comparatively blocky 5 – and it fitting into the less-popular (but better) sedan form factor, it just hasn’t captured as much imagination as the 5.

It has also fallen somewhat behind. The Ioniq 5 got a big update this year, including a native NACS port, the first non-Tesla mass market vehicle to hit the road with one of these included (and it even charges faster than a Tesla does on home turf). The 6, however, is still sitting on its original design from when it first started production/shipping in 2022/23.

But that’s about to change, as Hyundai is giving the model some love with a design update and some hints at new things to come.

We’ve seen spy shots of these design updates before, but now Hyundai is showing them to everyone at the Seoul Mobility Show.

Hyundai showed two models today, the standard Ioniq 6 and the “N Line,” an upgraded trim level with some interior and exterior changes to look a little more sporty. Hyundai has used similar nomenclature for its other models, and that carries over here.

Both have a redesigned front end, making it look more aggressive than the prior bulbous and aerodynamic shape, and narrower headlights.

The N Line looks even more aggressive than the standard model, though, with an even more aggressive front and rear end.

Hyundai says that the redesign will also include interior enhancements for “a more comfortable, intuitive experience,” with a redesigned steering wheel, larger climate control display, upgraded materials and redesigned center console with more physical controls.

Beyond this, the refresh was light on details – intentionally, with a full unveil of specs and changes coming later. We can imagine a lot of the improvements on the 2025 Ioniq 5 will be carried over, such as a native NACS port for example, and potentially a slightly larger or faster-charging battery.

We had also previously heard hints that an N version (yes, “N” and “N Line” are different, no, we don’t know why they used these confusing names) of the Ioniq 6 is coming, and Hyundai reiterated those hints today – even giving us a glimpse of the car in the background of one of its shots.

Now THIS one looks quite aggressive, with a bigger double wing and potentially some changes to the diffuser (it’s hard to tell from the shot, as the N Line also has a modified diffuser).

The ioniq 5N has earned rave reviews from enthusiasts for its bonkers driving dynamics and comparatively reasonable price for a true performance vehicle. But it’s still an SUV format, and frankly, an SUV will never be a sportscar no matter how many horsepower you put into it (I will die on this hill).

The 6, however, with its sedan shape and footprint, could make for a much more compelling sports package once it’s all put together. So we’re very excited to see what Hyundai can do if they apply the same magic they put into the 5 into a new 6N. Looking forward to July.

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