OPEC+ Makes Big Oil Cut To Boost Prices; Costs At Pump May Rise

OPEC announced a cut in oil production by 2 million barrels a day, aiming to keep oil prices high. This decision could lead to a rise in gas prices, affecting consumers and potentially pushing the average national price towards $5 per gallon. The move also has political and economic implications, impacting the Biden administration and possibly aiding Russia's war efforts. Analysts predict short-term price hikes, but hope they will be temporary.

What is the primary reason OPEC decided to cut oil production by 2 million barrels a day?

• To reduce global oil supply

• To increase oil prices on the global market

• To decrease oil dependency

• To support renewable energy sources

Which countries are included in OPEC's major oil producers?

• Saudi Arabia and Russia

• Brazil and Mexico

• United States and Canada

• China and India

How might the OPEC production cut affect Russia's situation?

• It will force Russia to increase oil production

• It will help Russia fund its war in Ukraine

• It will reduce Russia's oil revenue

• It will have no impact on Russia

What is the potential impact of rising oil prices on the U.S. economy?

• Increase in renewable energy investments

• Stabilization of the housing market

• Decrease in inflation

• Prolonged inflation and pressure on interest rates

How did the White House react to OPEC's decision to cut oil production?

• They ignored the decision

• They supported the decision

• They called it shortsighted

• They praised the decision