• On Wednesday, the Organization of Petroleum Exporting Countries (OPEC) announced it would slash oil production by two million barrels per day.
• The average price of gas in the U.S. rose to $3.86 on Thursday, up from last month’s average by roughly 10 cents, according to the American Automobile Association (AAA).
• “There’s no question this will contribute to the inflation we’ve been experiencing,” Jefferey Bergstrand, a University of Notre Dame finance professor, said.
• According to Bergstrand, rising gas prices could not only make inflation worse but also increase the likelihood of a recession.

Tagged: #Bidenflation