On the face of it, OPEC's decision to take 1.2 million barrels per day offline would seem like bad news for Americans enjoying today's less exorbitant gas prices. Less supply equals higher prices. Right?
Well the economics are neither as simple or intuitive as that. I interviewed oil economist Jim Williams of WTRG Economics and he made the case that by adding spare crude back into an oil market that's been stretched to nearly maximum capacity, OPEC's move may actually help lower gas prices.
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