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.
Capital Economics research group now expects global oil prices to rise from about $93 to $100 per barrel, with U.S. benchmark prices rising from $88 to $92. At the outset of Russia’s invasion of Ukraine, global oil prices had climbed to as much as $128.OPEC will cut production by 2 million barrels a day, likely sending gas and oil prices back up
US sanctions against largest oil producing countries such as Venezuela, Iran and now Russia will all have a ‘blowback’ effect, causing suffering, financial losses and business losses globally, especially in poorer countries. Russia is part of OPEC, which is an oil MONOPOLY, that can and will set prices plus production at whatever they want. Sanctions have NEVER worked to cause a nation to change course or government. The US is currently sanctioning 17 different countries, some of them for GENERATIONS, like Cuba.
Higher oil and gas prices will put pressure on Democrats and favor Republicans who are more aligned with a total fossil fuel and nuclear future, which dooms the planet to self destruction, pollution plus environmental catastrophe.