OPEC+ oil production cut impacts Pine Belt residents
“I think the expectation is while we typically would see prices go down in the fall, this is not going to be a typical year.”
PINE BELT, Miss. (WDAM) - The Organization of the Petroleum Exporting Countries, or OPEC+, announced it would cut oil production by 2 million barrels a day.
People across the United States continue feeling the impact of inflation, and now, after OPEC’s decision, that impact is even greater, especially at the pump.
As the holiday season approaches, many people plan to travel, and to do that, people will have to tighten their budgets.
According to a Pew Research Center analysis, the U.S. inflation rate has almost quadrupled over the past two years, placing uncertainty in the minds of many Americans.
Pine Belt resident, Carolyn Patterson, is feeling it too.
“I’m thinking now, with the economy the way it is and with everything that’s going on in the world around us right now, how the gas prices are, I’m not sure how things are going to go or how far it’s going to go up,” said Patterson.
College student Jaden Anderson, who commutes to campus, said budgeting is a bit of a challenge.
“When you’re in college, you’re just struggling to keep that money,” she said. “Really, money does make the world go around or whatever, but family and love do too. I think maybe you could get a friend or whoever and just help each other out.”
Budgeting, lending a hand and having a game plan.
Don Redman with AAA said it’s hard to predict how high prices will go, and Mississippians should brace for $3.30 to $3.50 a gallon.
“Back in march, we had surveyed our AAA members asking them what changes you would make in your lifestyle if gas prices got to $4 a gallon, $5 a gallon,” said Redman. “Those hypothetical prices became a reality, and what we found was our members cut back on driving. They just didn’t drive as often or as far. That cut back on vacations and those types of things.”
Redman said gas prices would likely continue to rise through the remainder of October.
OPEC’s decision to cut oil production is scheduled to start in November, and experts said they expect gas prices to jump as high as thirty cents per gallon.
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