OPEC+ Made A Decision That Could Impact The Price Of Gas

The OPEC Plus Alliance of oil exporting countries will cut oil production by 2 million barrels a day. The decision is expected to cause an increase for the price of gas. OPEC explained that the decision was made based on the uncertainty that surrounds the global economic and oil market outlooks. The results of oil trading are below normal rates which has struck fear that major global economies such as the U.S. or Europe will sink into recession due to high inflation, rising interest rates and energy, and the uncertainty that hovers over the war between Russia and Ukraine. Gas prices in the U.S. have already experienced an increase over the past several weeks.