Experts say gas prices might continue to increase
NORTH TEXAS (CBSDFW.COM) - You've probably noticed gas prices are starting to creep up again across North Texas. Soon, you might be paying even more at the pump.
Wednesday's announcement from OPEC+ to cut oil production is playing into this. It's the biggest production cut since the start of the pandemic.
Energy experts say the recent rise in gas prices was likely due to anticipation of the decision.
OPEC+, comprised of the world's most powerful oil producers, has decided to cut production by two million barrels a day starting next month, despite President Biden's request not to.
"It's a big deal for everybody depending on how it plays out," said Bernard Weinstein, from SMU's Maguire Energy Institute. "Two million barrels sounds like a lot, but that's only about 2% of global energy production, plus just because OPEC and Russia say they're going to cut production by two million barrels doesn't mean they actually will."
If they do, economists say expect a continued increase in oil and gas prices.
"It's conceivable that if oil prices have already jumped from $82 to $88 a barrel in two days, they could go up between $90 and $95 a barrel," Weinstein said. "That would probably translate to another increase in gasoline prices at the pump by .25."
If you're looking to save money at the pump, he says there's really only two options - drive less or get a more fuel-efficient vehicle.