East Texas expert warns of gas prices rising after OPEC+ makes oil cuts

According to AAA, the national average for a gallon of regular unleaded gas rose $0.12 over the past week.
Published: Oct. 10, 2022 at 5:36 PM CDT
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TYLER, Texas (KLTV) - If you have seen your prices at the pump climb this week, you’re not alone. Gas prices are on the rise again.

According to AAA, the national average for a gallon of regular unleaded gas rose $0.12 over the past week.

UT Tyler Professor of Management Dr. Harold Doty said prices are climbing again, in part because of the rise in demand.

“Obviously we were all driving more; we were feeling good about the world,” Doty said. “Then, about two days ago, OPEC+ cut its production quotas by about two million barrels per day.” A higher cost for oil will lead to more expensive gasoline.

The average price for a gallon of regular unleaded gas across the nation is $3.91, according to AAA, which is up about $0.19 from last month.

In the Lone Star State, the average is $3.26, which is up about $0.10 from last month.

Doty said oil traders are predicting a decline, at a cost.

“As the global economy appears to be sliding toward recession, that should actually begin to drive oil costs and gasoline costs back down, so it’s going to be hurt a little bit in the midterm, but there’s a good chance we’re going to see prices start to decline again,” Doty said.

In Texas, Doty said we can expect a gallon of regular unleaded to rise between $3.50 and $3.75 by next month before it levels out.