Saudi Arabia is cutting back oil supply, could cause price increase at the pump

Saudi Arabia announced it would slash oil outputs for at least a month starting in July, causing oil prices to rise on Monday. According to CNN, the global benchmark Brent crude “was trading up 2.3% at nearly $8 a barrel, while WTI, the U.S. benchmark, rose 2.4% to $73.50.” How will the Saudi Arabian oil production cut affect U.S. gas prices? The oil price slump has brought down gas prices slightly to consumers dealing with inflation, but the cut will likely increase prices slightly. “Gas is not going to become...