OPEC and Russia say they are trying to boost oil prices by lowering production,but the real reasons for the current price increase lie elsewhereIt’s tough not to notice rising gas prices as we head to the pumps—and they possess indeed been climbing. A year ago, a gallon cost about $2.40; now it’s closer to $3. The price of oil is at the root of that rise, and of course,going from about $45 a barrel to around $70 in the same time period.
Source: tufts.edu