When you think about oil what comes to your mind? Do you know much oil effects your life? There are some many products that Oil touches in your everyday life you would be amazed. Let me ask you something, could you name five products that oil produces. Could you go in your home and pick out 5 items that were made by crude oil and with the prices of oil going up how did it limit how you drive or drove and what extra things you couldn’t do because of the increase oil prices.

Key Points:

So, OPEC will be cutting the oil production by 2 million barrels and of course that means the US Oil prices will be on the rise and that rise It is estimated to happen in the November. Now, it is said that OPEC did this to take a jab at President Biden. I don’t know if that is true or not.  Now there 23 countries that belong to the OPEC+ coalition. OPEC + coalition is going to cut production from 43.8 million barrels a day to 41.8 million and yes that is supposed to take effect in November ladies and gents. So, yep, I know what you are thinking! This price hacking could be avoided but it is not going to happen. You will be paying more going into the holiday season so whether you fly or drive or even catch the train. Fuel prices will be higher that that will hit your pocket one way the other.

Products:

Ok, so let’s say your not going anywhere ever. Do you think you can escape the price surge of oil. Well, you cannot!  From refining crude oil, a host of products are created like plastics so yes, your favorite cereal bowl is made from crude oil so do lose it because the cost of replace will be higher. If you are car guy like me! Yes, we all know oil is in everything we use and we all know it takes forever for those road crews to put down asphalt on those interstates. I’m from Anderson Sc and I am 46 and I believe they are still working on I-85 north and south. Ohhhhhhhhhhhhhhh let’s not forget your cool granddad and his pimping polyester suit he picked grandma up in. Yes, that suit is how you came about!

The future

So, if you think the oil industry is worried about EV’s. You are incorrect, their product will help make almost everything in EV land. So, get ready for increase prices in almost everything you probably buy.

Ok I know your wondering what can I do to avoid the price hick. Wellllllllllllllllll nothing! I would suggest you brace the pocket book for the increase. Could President Biden handle this better. He is not the business guy like Trump. I don’t think in his legacy business deals will be at the top of the list.

Cite Page

1. https://www.voanews.com/a/opec-cuts-oil-production-in-boost-for-russia-rebuke-to-biden/6777459.html

2. https://www.coga.org/factsheets/everyday-products-uses