Get ready —gas prices are climbing again.
According to a report from Fox News, OPEC+ ministers have agreed to cut back oil production by approximately 2 million barrels a day —a move that will certailny hit Americans right in the wallet. The average cost for a gallon of gas in the U.S. is currently $3.83, but it has been inching up slowly.
From Fox News:
The decision comes as the White House has pushed top oil producers like Saudi Arabia not to make drastic cuts to oil production as gas prices remain high.
While the cuts will impact consumer wallets it is expected spur a recovery in oil prices for producing nations like Russia, after prices dropped from $120 per barrel three months ago to about $90 per barrel following concerns of a global economic recession, rising U.S. interest rates and a stronger dollar, according to Reuters.
This story is developing…
OPEC+ ministers agree to cut production by 2M barrels per dayhttps://t.co/KrtBr6myDs
Another self inflicted wound made by Biden @POTUS and his incompetent disastrous policies as they pummel the American consumer! November is coming! @PressSec
— CJC4321 (@cj_cortese) October 5, 2022