BIRMINGHAM, Ala. (WBRC) – Gas prices have fallen since the summer, but we may soon be paying more at the pump again.
OPEC, the international oil cartel, announced on Wednesday that it would cut oil production next month. The Organization of the Petroleum Exporting Countries said it would cut production by two million barrels a day from November 1.
Clay Ingram with AAA Alabama said the main reason for this was to maximize their profits. When gasoline prices started falling in recent months, major oil-producing countries lost money.
Ingram said prices have already been rising since the decision was announced, but when production stops, costs will rise even more.
“I don’t think that’s going to lift prices above what we saw in June when we hit $4.63 a gallon,” Ingram said. “Here in Alabama, I don’t think we’re going to see anything that dramatic or drastic. We need to do what we can to mitigate our demand here in the United States. In other words, use as little as possible at over the next few months.”
He also strongly suggests shopping around for prices or buying gas where it’s cheapest. He says it creates competition and can lower gas prices.
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