• Last week OPEC+ announced it would cut oil production by two million barrels per day
• Production cuts are already jacking gas prices back up – $3.91 is the average cost per gallon as of Thursday
• Russia, which relies on fuel exports to bankroll its invasion of Ukraine, is sure to benefit from the higher prices
• On Wednesday State Department spokesman Ned Price refused to confirm reports the Biden administration had begged the Saudis to wait

Tagged: #Bidenflation