DOE: High fuel prices may persist until end of 2023

The Department of Energy (DOE) expects high fuel prices to persist until the end of 2023 due to tight global crude oil supplies.

DOE Oil Management Bureau Director Rino Abad cited projections from OPEC and the International Energy Agency, which indicate that reduced oil production will continue throughout the year.

While the fuel shortage peaked at 3 million barrels per day in August, it is forecasted to decrease to 500,000 barrels per day by year-end.