Business Rundown: "OPEC Hangover" Foreshadows Oil & Gas Price Headaches
The Fox News Rundown
FOX News Podcasts
3.4 • 1.7K Ratings
🗓️ 3 June 2024
⏱️ 20 minutes
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| 0:00.0 | Hi all how we doing afternoon afternoon let's get this meeting meeting meeting |
| 0:05.9 | started when everyone's home when everyone's home ee work mode prioritizes your broadband for working from home, with faster speeds in more places than anyone else. |
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| 0:24.2 | e e broadband powered by BT work mode with e e smart hub plus to verify see ee dot |
| 0:29.1 | credit ek slash claims I'm Kelly Ogrady and this is the Fox Business Run Down. |
| 0:32.8 | Well, it is Monday, June 3rd, 2024, and as the summer heats up, well, so do concerns about oil. |
| 0:44.4 | And that's because OPEC Plus has more production cuts planned into 2025. |
| 0:49.7 | That means oil and gas prices in the United States could remain high. |
| 0:54.0 | But, well, efforts to tap our nation's reserves give Americans some relief at the pump. |
| 0:59.6 | President Biden's been hitting that fire alarm time and time again. |
| 1:03.7 | All right, the Biden administration continues to play games with the oil market. |
| 1:08.6 | The problem with doing that is you disrupt the global marketplace. |
| 1:12.8 | Oil prices, let's start there, they're likely to stay high as the organization of the |
| 1:17.4 | petroleum exporting countries, they're known as OPEC Plus, they agreed on Sunday to keep cutting production into next year. |
| 1:25.0 | So let's do some simple math folks. |
| 1:27.0 | You've got less supply and then if you've got demand staying the same, |
| 1:31.0 | that means prices are going to go up. |
| 1:33.8 | And these production cuts in oil will, of course, in turn, |
| 1:37.0 | have some consequences for us Americans filling up |
| 1:40.4 | at the gas station just in time for those summer road trips folks. |
| 1:44.4 | Meanwhile we're also looking at meme stocks. I love this space okay so they made |
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