I hope it turns out the way you said. On talk radio (maybe Fox Business radio?) a few days ago, it was mentioned the reason prices were going up was because OPEC’s action of cutting production in late 2016 was just now starting to have a real effect. There’s always an excuse.
Maybe I misunderstood the comment,,I was driving at the time and not full attention given to the radio. I hope I heard it wrong.
Lots of things effect oil and gas prices in the short run, several in the medium term, but just a few in the long run.
The growth of US production has been the biggest long term change in the oil and gas markets.
If a hurricane hits the refineries and gas inventories dip for a few weeks, the price will rise for a few weeks or months. When the refineries shut to switch over from Winter to Summer blends, prices will jiggle around a bit. If Iran or Nigeria has a civil war, supply could have an expensive hiccup for several months. If OPEC tightens its belt hard to manipulate prices, they can do it for a couple of years.
But if the US is producing a million, or 1 1/2 million more barrels per day, year after year; no other force out there is as powerful in the long run.