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OPEC officials have agreed to lower oil output by 5%, or 1.5 million barrels per day. This decision could boost inflation and many U.S. officials are even concerned that a rise in oil prices could push a weakened economy into recession.
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OPEC ministers say that cutting oil production will serve to steady the worldwide oil market and avoid a precipitous fall or rise in oil prices. Stabilized oil prices will benefit the U.S. in the long term.
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