More Pain Expected at the Pump as OPEC Cuts Oil Production

Hold onto your wallet: Gas prices may be going up again, according to a USA Today report.

The OPEC+ alliance of oil exporting countries said Wednesday it will cut oil production by 2 million barrels a day, a move that will likely raise prices at the pump.

The group said the decision was based on the “uncertainty that surrounds the global economic and oil market outlooks.”

Oil is trading well below its summer peaks because of fears that major global economies such as the U.S. or Europe will sink into recession due to high inflation, rising interest rates and energy uncertainty over Russia’s war in Ukraine.

With an uptick in demand and refinery issues, U.S. gas prices were already trending higher in recent weeks. The average price of a gallon of gas Wednesday was $3.83.

Read the full USA Today report.

Source: https://rvbusiness.com/more-pain-expected-at-the-pump-as-opec-cuts-oil-production/