Gas prices rise 14 straight days after OPEC cuts production
The national average price of gas rose 14 days in a row after the November 30 agreement by OPEC (Organization of the Petroleum Exporting Countries) to cut oil production starting in January, said the American Automobile Association. The mid-December average price of $2.21 is up 2 cents per gallon for the month and up 20 cents compared with the same date last year.
Since OPEC agreed to cut output by 1.2 million barrels per day starting in January, crude oil prices have hit an 18-month high. The effectiveness of the deal and continued market impacts will hinge on all countries adhering to the agreed-upon production levels.
Virginia was one of the states with the largest weekly increase, up 5 cents to an average of $2.11.Download Bulletin PDF