New York CNN —OPEC and its allies’ surprise move to slash oil production will soon be felt at US gas pumps.
“I think OPEC is reawakening the inflation monster,” said Tom Kloza, global head of energy analysis for OPIS, which tracks gas prices for AAA.
It certainly alters the calculus for a while.”The national average for US gas prices stood at $3.51, on Monday, according to AAA.
Even at $3.51, US gas prices were just below the $3.53 average on Feb. 23, 2022, the day before Russia’s invasion of Ukraine.
“They have ability to cut production and they seem motivated to do so,” he said.