Con­sumers won’t feel much im­pact from ris­ing oil prices. OPEC’s de­ci­sion

The Denver Post - - BUSINESS -

to cut pro­duc­tion gave an im­me­di­ate boost to oil prices, but the im­pact on con­sumers and the U.S. econ­omy is likely to be more mod­est and grad­ual. The car­tel agreed Wed­nes­day to cut out­put by 1.2 mil­lion bar­rels a day, re­vers­ing a strat­egy that pro­duced lower oil prices and pain for U.S. drillers but saved money for con­sumers. Even if OPEC mem­bers carry through on their prom­ises, global oil pro­duc­tion would only fall by about 1 per­cent.

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