OPEC

It’s still early in the current war in the Middle East, but the impact on oil markets may feel like déjà vu for those who remember the oil embargo of the 1970s.

Prices are still rising on most consumer goods, but gas prices fell roughly 20 cents a gallon on average nationwide since January 2025, according to AAA.

The oil cartel aims to stabilize prices in a changing geopolitical environment.

The cartel is trying to undercut the U.S. and other nonmember exporters.

Demand will continue to grow in developing economies, according to the oil cartel.

And the oil cartel may well decide to just wait and see what happens in the U.S.

The oil cartel is holding back millions of barrels a day.

Oil demand is still expected to grow in the coming year, but more slowly, and especially in China.

Recession fears blunt demand, lowering prices. But conflict in the Middle East and OPEC+ production cuts could push them up again.

Even if the prediction’s right, Big Oil will be with us much longer.