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.
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