“We [now] manufacture winter-grade gasoline,” Schork said on FOX Business’ “Varney and Co.” “This is much cheaper for the refiner to manufacture and hence the cost is lower and the cost to the consumer will be lower.”
Brent crude and the U.S. oil pricing benchmark, West Texas Intermediate, increased around 27% in November, the biggest monthly gains since March after COVID-19 vaccine developments raised the outlook for an economic recovery that could boost fuel demand, Reuters reported.
“Crude oil prices are the biggest driver to gasoline prices,” Schork told host Stuart Varney. “While we have had a nice rally up in crude oil, there is a limit to how high we can go. And we are now in the winter.”
Schork also predicts that heating costs will also be low, especially in the Northeast. The energy expert attributes the low prices to heating and oil distributors having the summer to lock in crude oil prices at lower rates than last year when crude oil was over $50 a barrel.
For more keep reading at Fox Business.
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