The word from OPEC when it comes to oil production, a move that you will probably feel every time you fill up at the gas pump.
“What OPEC did is throw everything in to a free market type of environment” said Padgett Stratemann Oil Industry Analyst Raul Rios, who told KTSA News, the move should take some of the steam out of the recent run-up in crude prices–which has been putting upward pressure on gas prices.
“I personally thought oil prices were a little bit high… I didn’t see a fundamental reason why they should be climbing up” Rios said.
Long term, Rios expects oil prices will be bouncing up from here.
“I think they’ll settle around $60 per barrel–but, that’s probably a year to a year and a half before that happens” Rios said.