‘No Question’ OPEC Cuts ‘Will Contribute To Inflation’

OPEC cuts could make inflation worse and increase likelihood of recession

  • On Wednesday, the Organization of Petroleum Exporting Countries (OPEC) announced it would slash oil production by two million barrels per day.
  • The average price of gas in the U.S. rose to $3.86 on Thursday, up from last month’s average by roughly 10 cents, according to the American Automobile Association (AAA).
  • “There’s no question this will contribute to the inflation we’ve been experiencing,” Jefferey Bergstrand, a University of Notre Dame finance professor, said.
  • According to Bergstrand, rising gas prices could not only make inflation worse but also increase the likelihood of a recession.
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