Oil prices jumped more than 10 percent after OPEC announced it would reduce oil production by one and a half million barrels per day. This production cut is expected to lead to higher prices at the pump for US consumers.
How OPEC Decision Will Impact US Consumers
The production cut means that oil prices will rise in the short-term. This will likely lead to an increase in gas prices for US consumers.
• Gas prices have already started rising, with the national average at $2.53 per gallon.
• This is the highest it’s been since October 2018.
• Industry experts expect prices to keep climbing in the coming weeks.
How to Minimize Impact on Budgets
US consumers can take steps to minimize the impact of rising gas prices on their budgets:
• Drive less – If possible, combine trips and use alternative transportation such as public transportation or carpooling.
• Save gas – Look for ways to maximize your car’s fuel efficiency. This can be done by driving at a steady pace, driving faster on highways, and ensuring that your car is properly serviced.
• Look for discounts – Many retailers offer discounts and coupons on gas purchases. It’s also worth checking out gas rewards programs, which can provide extra savings.
OPEC’s production cut is expected to lead to higher gas prices for US consumers. While there is not much that can be done to avoid paying more at the pump, US consumers can take steps to minimize the impact of rising gas prices on their budgets.