Saudi Arabia announced earlier this week that it will further reduce its oil production in a unilateral attempt to rise the price of crude, which two previous cuts agreed by major producing countries in the OPEC+ alliance couldn’t prop up.
The cuts, equal to 1 million barrels per day starting in July, are likely to send shockwaves through the global market, including the United States—though the consequences might be felt six to eight months from now, according to experts. That means that any trouble with gas prices in the U.S. would hit the country when President Joe Biden will be in the middle of his re-election campaign.
As of June 6, the U.S. retail gasoline average is $3.553 per gallon, according to AAA, $1.36 below the levels reported in this same period a year ago.
Read more at Newsweek.com
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