The slump in oil prices has helped American drivers fill their tanks more cheaply.
The logo of the Organization of the Petroleoum Exporting Countries is seen outside of OPEC's headquarters in Vienna, Austria, on March 3, 2022. | Lisa Leutner/AP PhotoFRANKFURT, Germany — Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher.
There are concerns about economic weakness in the U.S. and Europe, while China’s rebound from COVID-19 restrictions has been less robust than many had hoped. Those lower prices have helped U.S. drivers kicking off the summer travel season, with prices at the pump averaging $3.55, down $1.02 from a year ago, according to auto club AAA. Falling energy prices also helped inflation in the 20 European countries that use the euro drop to the lowest level since before Russia invaded Ukraine.
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