Higher Oil Prices Expected to Revive Inflation Pressures, but Can a Recession Stop It?

Pump jacks operate at sunset in an oil field in Midland, Texas, on Aug. 22, 2018. Nick Oxford/Reuters

News Analysis

Since Saudi Arabia and OPEC+ crude oil producers announced additional production cuts of about 1.16 million barrels per day (bpd), there has been increasing concern that these efforts will affect U.S. consumers by adding to inflationary pressures, particularly at the pump.