Why 2017 May Bring Higher Prices At The Pump

Follow CBSMIAMI.COM: Facebook | Twitter 

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.

More from Giovanna Maselli
Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Miami

CBS4 Supports Ride DCC
Weather Forecast 24/7

Listen Live