Will OPEC’s oil production cut affect decline in gas prices?
AAA photo
(December 6, 2022) WASHINGTON, D.C. — The recent steep plunge in domestic gas prices may be affected by the results of Sunday’s meeting of OPEC+, a group of 23 oil-producing nations, including Saudi Arabia and Russia. Domestic gasoline prices have dropped 26 cents nationally in the past two weeks. But OPEC+ decided to maintain output cuts of 2 million barrels per day, about 2% of world demand, according to AAA's weekly gasoline report.