OPEC's surprise production cut complicates the Fed's fight against inflation | CNN Business

A surprise production cut announcement this week from Saudi Arabia and several other OPEC+ oil producers complicates the Federal Reserve’s mission to cool the economy and could worsen inflation in the United States, economists say. Energy prices across the globe surged last year when Russia invaded Ukraine, fueling global inflation just as the world’s major economies were beginning to rebalance after the pandemic.

Plastic resin, for example, is a derivative of crude oil used to create everyday items such as bottles, wires, and clothes. The cost of jet fuel closely influences airfare prices. Consumer spending plays a key role Higher energy costs soften overall demand by weighing on consumer sentiment and consumer spending, both of which were surprisingly robust at the beginning of the year but have recently started to cool.

Wouldn’t matter what opec did if Biden would stop his war on US domestic oil production.

You can thank Joe Biden for all of this.

Shocking!

Tell that to Biden

Look into the sale of the US largest oil refinery in Port Arthur, Texas to the Saudi in 2017.

Ok here we go. It has nothing to do with Biden squeezing off the supply side of things right? Getting your false narrative started early?

At least they’re battling foreigners instead of their own leader. That was just silly.

With oil prices surging once again, headline inflation could remain elevated for longer -- or even rise. CNN has no doubts, inflation 'COULD' rise. Not will rise, or is rising.

Wow inflation How do you like 600% inflation like Venezuela had When the US currency is dumped and other nations join China all those extra dollars around, massive inflation We'll never make it to 2024

Just another sign biden is being embarrassed on the world stage

Buy more electric cars.

Are there better sanctions than reducing oil production? And the prices are certainly not a surprise. there is a folk saying: Whoever digs a grave for whom he himself falls into it.

The Arabs have us by the throat and they like to give us a gentle squeeze now and then to remind us who actually controls the world 🌎

No surprise

Thanks Biden administration 🙈🙈😂😂😂🤟✌️

Why should OPECSecretariat support POTUS who called Saudi Arabia a pariah? This Administration is the very very worst for the common man: you raised interest rates Satan!

It wouldn't matter of JoeDirtBiden hadn't cut off the keystone pipeline and stopped the majority of drilling in the USA. FJB

Soon, u will see Biden talking about ice cream and buying an EV, and gas prices will not matter, lol.

Wonder why OPEC is often compared to a mafia organization?

No way!! Who could have ever seen this coming? Obviously we don’t want to produce our own oil. That would be insane wouldn’t it? Who the hell wants to pay $1.50 for gas when you can pay $5. Thanks Joe. 🖕

Bidenflation. Enjoy the suck.

Bidens america

Thanks to the pedo n chief

Inflation elevated and your ratings stay un-elevated. America watches to see what this network is lying about. The trusted name in news…

Whait, I thought it was corporate greed causing inflation. Now you’re telling me it’s supply and demand? Please get your story straight.

It’s at 85

Thank you Joe !

Keep the wealth,,,, Otherwise can't control,,,,

ZOW VWATT R U PEEPUL ZSAYNG… DA PRYCE UV GAZ’Z IZ GOWYNG UWP… BIY AH BUNSH UV KREWK’Z… N UTHER VWERD’Z DA UMARYKUN PEEPUL.. R B YNG UZSE’D BIY THEEZSE CUWMPANEE’Z.. AN R 4 ORZSE’D 2 PEY AH HYER PRYCE.. 4 GAZSSOLYNE… ⛽️😳

Like clockwork you are trumpeting this after being completely silent when oil plummeted and inflation fell

And the reserve will be diminished and we will remain weak for Biden's buddies in the CCP.

Biden's Inflation Reduction Act is a failure, much like his presidency.

Oh joy, more bad news that absolutely everybody reasonable predicted.

I guess Biden has run out of oil reserves to tap to arbitrarily keep gas prices down.

Yeah. When your country is no longer energy independent and the countries supplying oil decide to create their own private club. And you aren't a member. FJBiden BRICSeconomy

Oil prices fell 50% the past year but inflation rose. Why? And why would inflation now be expected to go up when oil prices have risen by just 15%? Excess corporate profits are the root cause of today’s inflation issues. And the Fed’s response is to punish the middle class 🤦‍♀️

The US could be producing 14M-15M bbls of oil per day, but Joe Biden sits in the oval office, and Americans pay the price.

Let Prince Bone Saw know that someday someone will want his job.

Bidenflation is not going away soon, if at all. And now we see other countries choosing options other than the dollar for financial transactions-due to widely perceived weakness of our country because of our Ignoramous -in-chief.

I don't trust them

Those Republicans and their stocks in petroleum sure make a lot of money at the expense of the American people.

Gas over 5 dollars in ca

But,but,but the Biden regime said it was transitory.

Biden killed our energy independence 'Voters' Don't vote for the individual next time Vote for policies

The good news is that natural gas has tanked from $10 last year to $2. It is feedstock for fertilizer which has also tanked. Lower fertilizer prices will lower food prices later this year.

BidenFlation! Thanks POTUS for finically ruining working families!

If only Biden would open up the US oil production we would be energy independent like when Trump was in office and we wouldn’t need opec. But the democrats will never say trump did anything right even if he cured cancer

Lowest rated news on tv..AND OWNERS DONT SEEM TO CARE..

That what happens when they decide to cut production

Under Joe Biden watch! Pass it on!

Stop being allies with the Saudis. They don't even hide their attacks on the US anymore. This is trying to interfere at a nice point before elections

Biden ought to flood America's oil to the world!

lol!

Thought was transitory

Mr Biden’s screwed us all.

Biden to blame oil companies in 3....2....1....

Joe , Schumer and AOC will ban oil soon

Heck of a job, there, SleepyJoe . . .

Biden could stop inflation if he cared even a little for the average person. The majority average person not, just his group of people, and those few within his group he believes are average

joebiden’s America.

Ya think? No surprise! EV is NOT the answer!

Biden....what a disaster

Bc biden stopped the fracking 🤬🤬🤬

But we were told inflation was 'transitory'.

Biden lied. Again.

Thank you democrats. Everything you touch goes to shit!

Cause Biden sucks

Thanks Brandon

FJB

Trump allowed the Saudi’s to purchase the largest oil refinery in the US. They are angry that they lost their orange puppet. With the summer driving season approaching they will hurt everyone. He sold us out, again.

If you voted for Biden shut up about gas prices. You voted for high gas prices.

Why we are still buying oil from countries that hate us is beyond me.

We need to allow our companies to drill and explore instead of tying their hands behind their backs with endless regulations. Maybe someone will listen! POTUS RepMcCaul SpeakerMcCarthy SenatorTester ScottforFlorida

Hi Joe, Thanks for this! Oh, check out Reuters about China wooing France to become more anti-American!

Let me fix it for you. The govt is going to print a ton of worthless paper, then take zero responsibility for the results. Inflation is always the govt's fault.

No SPR sugar high is available this time. Thanks, Biden voters.

Weird, I’m sure KJP will explain to us how this is still Trump’s fault

Biden did this.

OPEC is purposefully creating a world recession to control everyone. That much is obvious. It's how we respond that matters.

Surprise OPEC hates you! Always has.

Bad news for Sleepy Joe😂

Thanks to the 1m Bec1le in chief!!

Biden.

Another Biden failure.

If only the United States of America had oil

That can't be, Biden says he has it all under control.

The person to blame, for canceling the XL pipeline and decreasing oil production..

Self inflicted!! We have the resources…

This proves the fed’s fancy on interest rates is a farce

Must be trumps fault

'Golly, why?' --White House, CNN, etc

This is a Live Cattle chart. It’s one thing for transportation to be unaffordable. It’s another thing being unable to afford to eat…

Thanks to Joe Biden and his idiotic policies

Biden’s war on fossil fuels drilled here in the USA is a big part of this OPEC move. Good chance for inflation to rise or at minimum last longer.

Expect gasoline prices to head further north. Oil drives so much industry the cost will be felt in many areas. Of course, if domestic oil production was allowed to grow, inflation could be tamed.

Thanks Joe!

Wait Biden passed the inflation reduction act. I cant wait to hear how he blames this on Trump

哇哦 中美合作大于对抗

Biden’s economy is a FAILURE

Great time to ride a bike and get some exercise instead of being held hostage by greedy oil executives.

The Democrat Party: the rich get richer, the poor get poorer and crime gets a free pass as the Democrats need criminal votes and their rich have enough money to stay protected as society is left exposed.

Now that Saudi Arabia has basically told Biden to go pound salt gas prices are about to start rising again, actually already have. That means everything else will rise. Strategic oil supply, oops forgot to refill that. We are circling the drain.

Bad news for Joe Biden and democrats.

Thanks Joe! The working middle class appreciate you.

POTUS you must be so proud to be destroying the country's energy industry and causing harm to every citizen. You are a total failure. Hey handlers you suck as well.

OPEC & others are working against sustaining oil as fuel. They will force everyone to look for alternative sources: wind, solar and nuclear power. Thank you to the oil producers.

Why rely on OPEC oil?

FJB!!!

Impossible. Our democratic leaders signed a paper called inflation reduction act. We are safe from inflation because of democrats.

Feds raising interest rates doesn't fight inflation. It makes bankers richer. Period

When does Build Back Better kick in

but, but… Joe said gas was going down? saps

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