Even before Wednesday’s action by OPEC+ to cut oil production, US gas prices were on their way up. More price increases at the pump likely lay ahead. Gas prices rose nearly 3 cents a gallon in AAA’s daily reading Wednesday, to $3.83 a gallon, the biggest one-day hike in nearly four months. The 99-day streak of price declines from mid-June to September 20 may become a distant memory, even as today’s prices are still far below the June record of just over $5.03 a gallon.
which includes not only nations in the oil cartel but other major oil producers such as Russia, agreed Wednesday to slash oil production by about 2 million barrels a day. Oil futures rose about 2% on the news and gasoline futures were also slightly higher on the OPEC move. Gasoline futures are up about 20 cents a gallon since the slide in gasoline prices ended last month, pointing to possible higher prices ahead.