Experts say the ripple effects are already being felt at some gas pumps.
WJZ checked stats with AAA and the average cost per gallon is $2.18. That’s just one penny more than a week ago, but experts say don’t get comfortable. One expert tells WJZ me an unpleasant change may be just around the corner.
The decision made all the way around the world, will have a trickle down effect. Organization of the Petroleum Exporting Countries or OPEC, has struggled to keep it’s grip on the market over the past few years because of increased competition, so the group decided to slash production by more than one million barrels a day. It’s an attempt to regain dominance in a competitive market.
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13 comments:
May? Oil's up 11% since the announcement of a 5% production cut from OPEC.
Bend over people here it comes. Another energy rip off in the making. Fraudulently manipulated pricing.
OPEC was encouraged to decrease production from non-members to manipulate fuel prices to their advantage.
Price increase won't last. The American shale fields that were taken out of production due to the extremely low prices will be put back into production and will easily make up for the reduced OPEC output. OPEC no longer has a strangle hold on oil production. Those days are over forever. This is all just a temporary blip in the big picture that was created by the "news" of a production cut. The inventories will continue to swell with the additional output of the American oil to the markets, and the only losers will be OPEC, if they actually cut their production.
something they can blame Trump for
The OPEC countries are notorious for cheating about the amount oil they export. They will not abide by their self imposed export limits due to their inherent greed. Each of the members will cheat on the amount of oil they export believing the other countries are exporting more than they are reporting.
President Trump will see to it that we have all the energy we need and prices will remain low...
OPEC can try to fix prices but non opec countries like Russia wont pay any attention to it.
OPEC can go pound sand! Its the 21st century and OPEC cannot afford to lose US as a customer!!! The days of the wind blowing and skyrocketing gas prices are OVER!
There's a new Sheriff in town and his last name is TRUMP!!
The price of EVERYTHING is manipulated by the bankers / financiers.
We are goyim, cattle, to them. Useless eaters.
By renewing the oil leases that Obama shut down prices will drop.
We need to dump these sand bandits and produce our own oil.They do this when they want to stir the American pot and see how much of thier crap we will take...Time to cut the head off the snake and watch it squirm! !!!
They do this all the time to us....from the 1970s to present....it is time Trump took us out of their sand box....making us independent and great again
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