Who's To Blame For Gas Prices?
Average price for american consumers for a gallon of gas is $1.76 USD. Why the rising prices? The US is blaming OPEC's vote last week to cut production of gasoline by about 1 million barrels per day. Saudi foreign affairs adviser Adel Al-Jubeir says that the OPEC cut should have been expected as "there's a slight surplus and that's why OPEC cut back," and "global crude oil production and demand 'are in balance.' So what is Al-Jubeir saying is the problem for the high oil prices?
"There has not been a refinery built in America in the last 20 years. So if you produce more crude oil but you can't refine it, it's not going to translate into gasoline," he said.