The OPEC+ surprise announcement to cut oil production 1.16 million barrels per day (bpd) shows that global market dynamics are again the deciding role in oil prices as the per barrel price in the United States spiked 5.31 percent to $84.13 a barrel.
Gasoline prices in the United States soared to another record high on Tuesday, further undercutting claims from the Biden administration that they will “work like the devil” and are “using every tool” to provide relief at the pump.
