Oil cuts could push gas prices back up

1 big thing

Axios

News

4.0 • 2K Ratings

🗓️ 6 October 2022

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

OPEC+ , the coalition of oil-producing nations led by Russia and Saudi Arabia, announced yesterday its planning to cut oil production by 2 million barrels per day, starting in November. This has the potential to push up gas prices in the US and around the world. Plus, American drivers are getting more loyal to electric vehicles. And, long COVID affects the daily lives of almost 20 million U.S. adults. Guests: Axios' Ben Geman, Joann Muller and Sabrina Moreno. Credits: Axios Today is produced by Niala Boodhoo, Sara Kehaulani Goo, Alexandra Botti, Lydia McMullen-Laird, Fonda Mwangi and Alex Sugiura. Music is composed by Evan Viola. You can reach us at podcasts@axios.com. You can text questions, comments and story ideas to Niala as a text or voice memo to 202-918-4893. Go Deeper: What OPEC's 2 million-barrel cut could mean for U.S. gas prices Most electric car buyers don't switch back to gas Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This episode is brought to you by Kraken Pro, with all new trading features and a fully
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0:13.8	Cryptocurrencies are unregulated in the UK.
0:16.0	Profits may be subject to capital gains tax and the value of cryptocurrencies can go down
0:19.7	or up.
0:25.5	Good morning.
0:26.5	Welcome to Axios today.
0:27.5	It's Thursday, October 6th.
0:29.3	I'm Nyla Boudou.
0:30.7	Here's what we're watching today.
0:32.5	American drivers are getting more loyal to electric vehicles.
0:36.2	Plus, long COVID affects the daily lives of almost 20 million U.S. adults.
0:41.7	But first, oil production cuts could push our gas prices back up.
0:46.3	That's today's one big thing.
0:53.4	OPEC Plus, the coalition of oil-producing nations led by Russia and Saudi Arabia, announced
0:58.5	yesterday it's planning to cut oil production by 2 million barrels per day starting in November.
1:04.8	This is the potential to push up gas prices in the U.S. and around the world.
1:08.8	Crude oil prices had fallen to roughly $80 a barrel for more than 120 in early June.
1:15.2	Yesterday, the benchmark domestic crude futures, West Texas Intermediate, traded at nearly
1:21.2	$88 a barrel.
	...

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