MIAMI (CBSMiami) — Along with welcoming 2017, drivers may be welcoming higher gas prices.
All eyes will be on OPEC [Organization of Petroleum Exporting Countries] at the start of the new year to see if they will follow through with plans to cut production by 1.8 million barrels of crude oil per day, according to AAA.
Their 6-month plan to curb production is meant to rebalance the oil supply. Their announcement has already caused retail prices for gas to rise.
So far, the national average price for a gallon of gas is $2.29. That’s 29 cents more than the average price from last New Year’s Day.
While there may be a bump in price nationally in the new year, in the South and Southeast regions, drivers will continue to enjoy some of the cheapest gas prices in the nation.
Why? Because of heir proximity to major Gulf Coast refineries and some of the lowest gas taxes in the country.
While OPEC’s plan may raise gas prices, Libya and Nigeria may possibly increase their production countering OPEC’s attempt.