OPEC Deal To Cut Oil Production Could Lead To Higher Gas Prices
MINNEAPOLIS (WCCO) – Gas prices could be increasing in the next few days.
OPEC nations have reached a preliminary deal to cut oil production for the first time in eight years. That immediately pushed up oil prices in foreign trading overnight.
The details won't be final until November. However, disagreements between Saudi Arabia and Iran could still hold things up.
For more than a year and a half, Saudi Arabia has pumped at record levels in an effort to push higher-cost producers out of the market.
That led to an oil surplus, which lead to the recently low prices.
Statewide Thursday, the average price to fill up is $2.14 a gallon. That's about the same as it was last week, and $0.15 cheaper than one year ago.
