It wasn’t the cold rain that put a cramp in your wallet when you pulled up to the gas pump over the weekend.
The average price per gallon of regular unleaded shot up by about five-cents–thanks to OPEC’s recent decision to cut production–which has boosted crude oil prices on the global market.
“Everything right now appears to suggest that we’re looking at incremental increases both for crude oil and for retail gasoline” Gasbuddy dot-com’s Gregg Laskoski told KTSA News in assessing the current state of the market.
The general consensus is prices won’t run away–but when they might even out is a bit of a trick question to answer.
“These crude prices (might) start to flatten out in mid-December… we may not see it until January. It’s hard to say today exactly what we’re looking at just in the short-term” Laskoski said.
Ultimately though, prices seemingly can increase only so much before American producers might return in a big way–and put some downward pressure on crude.
“That’s something that I think they’re (OPEC) going to have to watch” Laskoski said, adding “If the American producers ramp up, I think you’re going to see Russia do the same. This is still a battle for market share.”