News, California gas prices hit record highs, with OPEC+ move sparking worsening economic threat : detailed suggestions and opinions about California gas prices hit record highs, with OPEC+ move sparking worsening economic threat .
As gas prices hit record highs in Los Angeles County on Wednesday, a pledge by OPEC+ to reduce its oil production by 2 million barrels a day brought concerns about more economic pain to come.
California is facing surging oil prices in the wake of shutdowns at several oil refineries that produce a specific grade of fuel for the state. Prices began to creep up in September after months of declines. And unlike the nationwide rise in gas prices over the summer, this most recent spike is mostly confined to California and the West Coast.
There was also debate among experts about the effect of the move by OPEC+, which amounted to the biggest reduction since 2020 and was designed to boost sagging oil prices.
It remains unclear how the reduction would affect pump prices, but experts said it poses another threat to the shaky global economy amid growing concerns about an impending recession.
Leave a Comment