OPEC will cut production by 2 million barrels a day, likely sending gas and oil prices back up

[womanofthehills]

The OPEC+ alliance announced Wednesday that it will cut oil production by 2 million barrels a day, a move that's likely to send gas prices higher again after a year of tumult at the pump.

In its statement announcing the cuts, the OPEC+ alliance cited the "uncertainty that surrounds the global economic and oil market outlooks.”

It represents the largest cut in production since the start of the pandemic.

In a statement, the Biden administration said it was disappointed in the decision, calling it “shortsighted” in light of global energy prices already lifted higher by Russia’s invasion of Ukraine. https://www.nbcnews.com/business/business-news/opec-announces-will-cut-production-2-million-barrels-day-move-likely-s-rcna50808

[multigraincracker]

1. $25 OPEC tax and

Stop all export of US oil until production is raised.
I’m sure this is not workable, but something to get their attention.

[Midnight Writer]

2. Gas jumped 37 cents per gallon here this morning. Up to $4.29. Southern Illinois.

Must be some free market, supply and demand explanation. Gas is now higher than it was when oil was $140 per barrel.

[Meadowoak]

3. Buy a fuel efficient car, or better yet an EV. This will never end until we get off fossil fuel.

[moose65]

5. Yeah, but that's not going to help us in the next month!

Have you bought a car lately? There's been a shortage of even used vehicles. And there aren't enough EVs out there yet. The only thing that will help short-term is to find more oil.

[former9thward]

4. Gas is at the $5.00 range in Phoenix area.

That is the highest ever.