OPEC Makes A Devastating Decision
(RepublicanNews.org) – The Organization of Petroleum Exporting Countries (OPEC) is a group of over a dozen major oil-exporting countries founded more than 80 years ago. The organization manages and controls the supply of oil, which directly affects gas prices at the pump internationally. Its founding members include Venezuela, Saudi Arabia, Iran, Iraq, and Kuwait.
On October 5, OPEC announced it would be reducing oil production by two million barrels every day — its biggest drop since 2020. As a result, the price of fuel will undoubtedly increase for those who depend on exports from the member countries. On the day of the declaration, oil prices closed at $88.16 per barrel.
— The Hill (@thehill) October 6, 2022
Following OPEC’s announcement, White House Press Secretary Karine Jean-Pierre spoke out about the decision, saying it was clear to her that the organization is “aligning with Russia.” The secretary didn’t elaborate other than to call the move a “mistake.”
The national average for a gallon of regular gas in the United States peaked at $5.02 in June, but steadily decreased from there until recently. Prices are now creeping back up as the country moves toward mid-term elections in November. The average cost per unit sat around $3.83 on Wednesday and is expected to rise.
How do you think this decision will impact Americans?
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