OPEC's Production Cut Sends Gas Prices Soaring.
TL;DR Summary
Gas prices are expected to rise by at least 26 cents per gallon after OPEC members announced a surprise production cut of up to 1.15 million barrels per day. This could mean gasoline prices will climb above $4 per gallon as summer nears. The rise in prices is expected to be compounded by the switch to summer gasoline blends and the possibility of hurricane season disrupting oil production. This comes at a time when consumers are already being hit by high inflation.
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