DAYTON – Gas prices may be lower now than they were a year ago, but news out of Saudi Arabia suggesting they will cut oil production significantly could see you paying more at the pump later this summer.
>>RELATED: Pump Patrol: Find the best gas prices near you
The Saudi Arabia-led Organization of the Petroleum Exporting Countries (OPEC) said it would begin cutting production by 1 million barrels a day in July to raise oil prices. While this hasn’t impacted the price at the Miami Valley gas pump today, the move is likely to impact gas prices in the coming weeks, according to industry analysts.
“With Saudi Arabia-led OPEC announcing a one-million-barrel-per-day production cut in Saudi Arabia in July, that hasn’t boosted oil prices significantly, but it may have some impact on you weeks ago us,” Gas Buddy’s Patrick De Haan told News Center 7’s Taylor Robertson on Monday.
“The longer OPEC continues to cut production or keep it at lower levels, the more we could ultimately be impacted if demand for gasoline and other commodities starts to pick up.”
>>RELATED: Saudi Arabia cuts oil supplies. This could mean higher gas prices for US drivers
Currently, gasoline prices are more than $1 a gallon down from last year. In 2022, regular unleaded gasoline cost an average of $4.82 in Ohio, but today prices are around $3.39.
But Miami Valley residents are already pondering what a rise in gas prices could mean for them for the rest of the summer and beyond.
“I could see a lot of chaos, the gas rising. “Everything’s going to be inflated by the inflation that’s already there, it’s just going to be a mess,” Dayton’s Antonio Andeberhan said.
“You’ll see me on a motorbike or something. This stuff is going crazy.”
Others said they are already considering restricting travel.
“Drive less, carpool when I can.” I’m just trying to make sure I get the most bang for my buck when gas prices go up,” Oria Pridgen said.
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