Ben Geman of Axios outlines how OPEC’s production cut could impact gas prices.
- OPEC, Russia, and allied producers have announced that they will cut oil production by 2 million barrels per day starting in November.
- Analysts suspect that this will drive U.S. gas prices up by 15-30 cents per gallon.
- While energy prices are driven by global markets, OPEC’s decision reinforces the need to increase American production, refinery capacity, and next generation innovation to bolster our energy security.
“The coalition of OPEC, Russia and allied producers on Wednesday announced cuts of 2 million barrels per day in Vienna starting in November 2022.”
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