Gas Prices Could Hit $4 a Gallon This Summer – By Dan Avery (CNET) / Apr 10 2023
Are we careening toward another $5-a-gallon summer?
OPEC+ is cutting its oil production by more than a million barrels a day starting next month, a move that experts say could seriously impact gas prices in the US.
The oil-producing alliance, which includes Saudia Arabia, Russia and Iran, announced on April 2 that it will reduce its overall output by 1.2 million barrels from May 1 through the end of 2023, equal to about 1% less oil on the global market.
The news came just after Russia said it would decrease production by 500,000 barrels a day.
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