On the Thanksgiving holiday, OPEC announced it will not cut oil production. The organization will continue to turn out 30 million barrels of oil a day. Reed says the move is a bonus for American and consumers, and will help keep the pressure on low gas prices. “We are seeing at the gas pumps, even over the holiday weekend some areas of Western New York even flirted with the $3 a gallon threshold. And we’re seeing about $70 a barrel of oil price tag. A lot of that has to be attributed to the great amount of supply coming from North American soil. To me, that is a huge opportunity for America and it’s a day to day benefit for people right here,” said Reed during a media call Monday morning.
Reed added the continued production of oil from the North American shale gives America more independence and security, which also contributes to low gas prices.