Gas prices are on the rise, with an announcement on Sunday that OPEC plans on cutting oil production beginning in May and lasting for the rest of the year.
Mark Gruba is a spokesman for the AAA of Western and Central New York.
He said that after the surprise announcement from OPEC, oil prices surged on the news.
“Up over $4 a barrel overnight on the news and gas prices are rising accordingly as well,” noted Gruba. “Even before the OPEC announcement, we saw indicators that gas prices are on the rise, we are switching to the more expensive summer blend of fuel as we speak. So prices rise on that naturally.”
The AAA said that gas prices in the Rochester area right now are averaging $3.51 a gallon which is up 11 cents from a week ago. A year ago they were at $4.35.
And since OPEC is expected to keep its production cut in effect through the rest of the year, gas prices are likely to remain under pressure.
But Gruba does not see them rising to the all-time high of $4.99 a gallon that was reached in June of 2022.
“We don't see prices going that high, not with what's happening right now,” said Gruba. It's reasonable to expect that gas prices will rise incrementally through the summer months as we drive on this summer blend of fuel. But we do not anticipate those record highs that we saw last June.”
Although gasoline prices are on the rise, the AAA said that diesel prices continue to fall. Gruba says that is likely due to slower growth in certain parts of the U.S. economy.