Gas prices creep up amid “surprise” OPEC announcement to cut oil production

Published on April 13, 2023

AAA gas prices money pump

The national average price for a gallon of gas hit $3.64 Thursday morning, according to the AAA.

Here in New York, average prices as of this report are just shy of $3.60, cheaper than last-years average at this time, which was $4.20.

You may have noticed that pump prices have crept up over the past couple of weeks. According to the AAA, this uptick in prices comes from a “surprise” announcement from OPEC last weekend to cut production by over a million barrels a day starting in May.

AAA Gas Chart April 13 2023

“The oil market has had a few days to digest the OPEC news and speculate about the reason. This has led to the price of oil stabilizing for now,” said Andrew Gross, AAA spokesperson.

“But the cost of oil accounts for more than 50% of what we pay at the pump, so drivers may not catch a break at the pump any time soon.”

Images via the AAA.