Brace for higher gasoline prices after Saudi Arabia and Russia oil agreement


The timing might have been fortunate. With Labor Day under our belts, now it appears an agreement by Saudi Arabia and Russia might result in higher gasoline prices.

The two countries agreed Tuesday to extend their voluntary oil production cuts through the rest of the year. The agreement will result in a trimming of 1.3 million barrels of crude out of the global market and—-boosting energy prices.

Global benchmark Brent crude rose quickly Tuesday above $90 a barrel. Of course, that will likely lead to higher prices at the pump. When Oklahomans will feel the pinch is anyone’s guess, but if oil prices continue to climb, then gasoline prices will follow.

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