The U.S. Economy Is About To
Get A Lot Worse As OPEC Cuts Oil Production In Move
That Will Result In Higher Gas Prices In America
Under President Joe Biden
April 3. 2023
Joe Biden
The horrible Joe Biden economy is
about to get that much worse. International oil
producers have announced "surprise production cuts"
which would mean a reduction of up to "1.15 million
barrels per day." This will raise gas prices
in America and at a time the nation is already
suffering under Biden's awful economy.
Biden's terrible political and
economic policies ushered in a crippling inflation
in 2022 (and I did warned from 2019 that Biden would
wreck the U.S. economy:
Three Prominent American Banks
Collapse Under President Joe Biden's Watch (Video)). Biden's bad
economy has broken many Americans. Biden has caused
many Americans to go bankrupt and become homeless,
as he doesn't know what he is doing.
An increase in gas prices due to the
OPEC cut in production will spill over into other
areas of the economy, making life even more
unaffordable in America, while filling the pockets
of Russian president Vladimir Putin (A National Harvard Poll Reveals A
Majority Of Americans Believe Vladimir Putin Would Not Have Invaded
Ukraine If Donald Trump Was Still U.S. President).
STORY SOURCE
Saudis, other oil giants announce surprise
production cuts
Sun, April 2, 2023 at 10:52 AM EDT -
DUBAI, United Arab Emirates (AP) — Saudi Arabia and
other major oil producers on Sunday announced
surprise cuts totaling up to 1.15 million barrels
per day from May until the end of the year, a move
that could raise prices worldwide.
Higher oil prices would help fill
Russian President Vladimir Putin's coffers as his
country wages war on Ukraine and force Americans and
others to pay even more at the pump amid worldwide
inflation.
It was also likely to further strain
ties with the United States, which has called on
Saudi Arabia and other allies to increase production
as it tries to bring prices down and squeeze
Russia's finances.
The production cuts alone could push
U.S. gasoline prices up by roughly 26 cents per
gallon, in addition to the usual increase that comes
when refineries change the gasoline blend during the
summer driving season, said Kevin Book, managing
director of Clearview Energy Partners LLC. The
Energy Department calculates the seasonal increase
at an average of 32 cents per gallon, Book said.
So with an average U.S. price now at
roughly $3.50 per gallon of regular, according to
AAA, that could mean gasoline over $4 per gallon
during the summer...
https://finance.yahoo.com
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