OPEC deal sends prices upward.
The Organization of Petroleum Exporting Countries (OPEC) made a long awaited decision to cut its collective production in an attempt to rebalance the global oil supply and raise prices. Following the production agreement on the deal, which is set to go into effect in January, crude oil markets were up 12% and retail prices spiked, AAA reported.
The national average price of regular unleaded gasoline has ticked upward every day for the last seven days, reaching $2.18 per gallon on Dec. 5, 14 cents more than this date last year.
Following the OPEC deal, it is uncertain whether prices will lower with the season as per usual or remain elevated.
Eight states are posting gas price averages below $2 a gallon, with Arkansas ($1.95) and Texas ($1.96), featuring the lowest gas averages in the country. Hawaii ($2.85) and California ($2.67) continue to have the most expensive gas in the nation.
