OPEC says it will cut oil production by 2 million barrels a day, which may set the cost of gas rising again after a year of tumultuous prices at the pump.
, as President Joe Biden sought to reduce gas prices, and stress on Americans’ wallets, ahead of the midterm elections.
"We had always expected supply growth to slow later this year and into 2023, but this latest OPEC+ action has re-enforced our view that prices will end the year a little higher," Caroline Bain, chief commodities analyst for Capital Economics, said in a note following the Wednesday announcement. “The regional differences in gas prices are stark at the moment, with prices on the West Coast hitting $6 a gallon and higher, while Texas and Gulf Coast states have prices dipping below $3 in some areas,” Andrew Gross, an AAA spokesperson, said in a statement Monday.
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