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AAA reports Non-OPEC Countries agree on Oil Production Cut

 

AAATampa, FL – The upward trend continued at the gas pump last week, as the national average rose 4 cents in the past seven days. Pump prices also shot-up 4 cents in Florida, 6 cents in Georgia, and 5 cents in Tennessee.

“Gas prices are moving in concert with crude, which has pushed higher since OPEC announced plans to cut production in January,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “After rising for nearly two weeks, gas prices leveled-off on Sunday. However, the upward trend could resume this week, depending on how the oil market responds to news of a new production-cut agreement from a number of non-OPEC oil-producing countries.”

Gas prices rose 4-6 cents in the past 7 days

Gas prices rose 4-6 cents in the past 7 days

On Saturday, representatives from a number of non-OPEC oil-producing countries pledged to collectively cut 600,000 barrels a day of crude output next year.

According to OPIS, the cuts include a pledge for about 300,000 fewer barrels a day from Russia, where output was expected to rise in 2017. 

Pledges to cut also came from Mexico, Azerbaijan, Bahrain, Oman, and several other small producers. 

Together with OPEC’s pledge to cut 1.2 million barrels a day, representatives hope to restore balance to the oil market, which has been oversupplied since 2014. That year, oil prices plunged below $90.00 a barrel and haven’t returned since.

The price of crude rose again last week, logging a new 2016 record. Monday’s closing price of $51.79 was the highest daily settlement since July 2015. How the oil market responds to the latest production-cut-pledge will continue to steer prices at the pump.

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Two Years Ago
National $2.210 $2.205 $2.178 $2.187 $2.012 $2.621
Florida $2.219 $2.220 $2.183 $2.176 $2.039 $2.659
Georgia $2.189 $2.189 $2.125 $2.211 $1.947 $2.552
Tennessee $2.049 $2.051 $2.001 $2.037 $1.813 $2.444
Click here to view current gasoline price averages

 

AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 120,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

About The Auto Club Group

The Auto Club Group (ACG) is the second largest AAA club in North America.  ACG and its affiliates provide membership, travel, insurance and financial services offerings to over 9 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. 

ACG belongs to the national AAA federation with more than 56 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety.


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