oil prices

Oil prices surged after Saudi Arabia and some other oil producers announced they're reducing their oil output. That will send gas prices higher – and benefit energy companies in America.

The 2 million bpd cut in oil production was backed by Saudi Arabia and could benefit Russia. The OPEC+ meeting took place as much of the world is battling soaring energy costs and rising inflation.

Treasury Secretary Janet Yellen spoke to Morning Edition about global efforts to choke off much of Russia's profit from oil sales and the odds of a recession in the U.S.

The Biden administration is encouraging U.S. oil companies to increase their production to help curb record-high gasoline prices. Turns out, however, that boosting output is easier said than done.