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Oil production cuts benefit Texas

A decision by OPEC and Russia to cut oil production will be a huge benefit to the Texas oil industry says economist Tom Tunstall. He says Texas producers will quickly take up the slack created by the production cuts, and those cuts also will mean the price of oil will rise slightly, also benefiting producers.
 
He says the cut also will cause an increase for you and me at the gas pump, but he says that increase shouldn't be too sharp.
 
(Photo: Shutterstock by Thaiview)
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