Oil Producers’ Cuts Could Boost Gas Prices

SAUDI ARABIA – Major oil-producing countries led by Saudi Arabia say they’re cutting supplies of crude again. The Associated Press reports this time, the decision was a surprise and is underlining worries about where the global economy might be headed.

Russia is joining in by extending its own cuts for the rest of the year.

In theory, less oil flowing to refineries should mean higher gasoline prices for drivers and could boost the inflation hitting the U.S. and Europe.

Between the two cuts, that’s about 3% of the world’s oil supply.