For the first time in nearly a year, West Texas Intermediate crude closed above $50 a barrel; Dr. Perryman takes a look at what that means for Texas.
Gasoline prices have soared, topping $4 per gallon in most areas. The increase has been rapid, and with inflation in almost everything else in family budgets, the additional costs are difficult to absorb. They are also very visible; we see the signs constantly.
Members of the Organization of Petroleum Exporting Countries (OPEC) have agreed to cut crude oil production by 1.2 million barrels per day beginning in January. Russia announced it would cooperate and lower production by 300,000 barrels per day, and there is some chance other nations representing about 20% of global production will also join in following an upcoming meeting.