DAYTON — Gas prices might be lower now than they were a year ago, but news from Saudi Arabia signaling they’ll significantly cut oil production could have you paying more at the pump later this summer.
The Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia said they’ll start cutting one million barrels a day in July in an effort to raise oil prices. While that hasn’t impacted the price at the pump in the Miami Valley today, the move is expected to impact gas prices in the coming weeks, according to industry analysts.
“With OPEC led by Saudi Arabia announcing a cut in production in Saudi Arabia, cutting a million barrels a day in July, that has pushed the price of oil up not in a significant way but one that may affect you to a slight degree in the weeks ahead,” Patrick De Haan of Gas Buddy told News Center 7′s Taylor Robertson Monday.
“The longer OPEC is continuing to trim or maintain lower production, the more it eventually could affect us when demand for gasoline and other commodity starts to go up.”
Currently gas prices are over $1 a gallon less than where they were last year. In 2022, regular unleaded gasoline cost $4.82 on average in Ohio, but today prices are around $3.39.
But residents in the Miami Valley are already thinking about what an increase in gas prices could mean for them the rest of the summer and beyond.
“I could see a lot of chaos, the gas coming up. Everything is going to inflate up even more from the inflation that’s already going on already its just going to be a mess,” Antonio Andeberhan of Dayton said.
“You about to see me on a motorcycle or something. This stuff already getting crazy.”
Others said they’re already thinking about cutting back on travel.
“Drive less, carpool if I can. Just trying to make sure I get the most from my dollar when it comes to gas going up,” Oria Pridgen said.
You can find the best gas prices in your neighborhood with our Pump Patrol here.
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