OPEC's surprise oil cut and its impact on the US economy.
TL;DR
OPEC's surprise oil production cut of up to 1.15 million barrels per day from May until the end of the year has raised concerns about gas prices in California, where the average price of regular gas is already over a dollar more than the national average. Gas analysts warn that prices could jump by 5 to 10 cents a gallon, while some experts predict an increase of 8 to 12 cents in the coming weeks and months. The White House has expressed opposition to the move, citing market uncertainty, but President Joe Biden said it "won't be as bad as you think."
Topics:top-newsbusiness#business#california#gas-prices#oil-production#opec#us-energy-information-administration
- How will OPEC's surprise oil cut impact gas prices in California? KABC-TV
- Oil prices: U.S. slowly realizing it won't be 'that swing supplier' amid OPEC+ cuts, analyst says Yahoo Finance
- The OPEC oil production cuts could be a gift to Biden Yahoo Finance
- OPEC+ just made the Fed's job more complicated. Here's what it did — and what could be next CNBC
- Are surprise oil production cuts a Saudi message to Washington? The Hill
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