Gas prices surge after OPEC cuts production
Experts say price per gallon could increase another 15 cents
ORLANDO, Fla. – Drivers across Central Florida are expected to see higher prices at the pump after a decision made by the Organization of Petroleum Exporting Countries.
OPEC on Wednesday announced plans to cut crude oil production by 1.2 million barrels a day.
The agreement marks the first time in eight years OPEC has decided to cut oil production by more than a million barrels a day.
"Now that the deal is official, there is potential for prices to move even higher, based on the rate that oil prices climb," AAA spokesman Mark Jenkins said in a statement.
Since the announcement, the cost of a barrel of crude oil has jumped 9 percent. As a result, analysts believe the price of a gallon of gasoline is expected to rise 10 to 15 cents more over the next week.
In Florida, the average price per gallon has risen to $2.16 a gallon, which is a 6 cent increase since Tuesday.
OPEC's cut in production is expected to go into effect in January.
While oil prices have risen more than $4 a barrel since the announcement, the cost of crude still remains about $2 below a recent high in October.
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