Gas Prices Go Down Again, Could Be Affected By Production Cuts

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Gas Prices Go Down Again, Could Be Affected By Production Cuts

Russia and Saudi Arabia have both said they may cut production, which could make prices go up.

STATE WIDE--The price for gas in Indiana went down by eight cents over the past week, says Gasbuddy.com. Patrick DeHaan, with Gasbuddy, said that's because the price of oil is still falling, thanks to OPEC's decision to increase production. 

Fox News reported that the price of oil might end up going up some in the next couple of weeks. Gasbuddy's prediction for now is that gas prices will continue to fall. Saudi Arabia and Russia may be cutting their exports.

"The last week has seen another notable decline at pumps in nearly every state with average prices again plummeting, in some places to $1.99 per gallon or less, following oil's longest losing streak in nearly 34 years," said DeHaan, head of petroleum analysis for GasBuddy. 

"Every single day, Americans are spending nearly $100 million less than just 30 days ago- a significant and impressive feat as the national average gas price has shed over 20 cents per gallon over the last month. Oil's demise has partially been due to the U.S. issuing waivers to countries buying crude oil from Iran, making sanctions moot, but also because ahead of those waivers, OPEC agreed to increase production to soften the potential blow from the Nov. 4 re-imposition of sanctions- yet now OPEC is upset and may again cut production to the the move by Trump to allow temporary waivers," he said.

"The plummet at the pump may continue for now, but all eyes will be on OPEC to see what move they make to pump oil prices back up."

In Ft. Wayne, gas is down almost a dime, from $2.63 last week, to $2.53. In Indianapolis gas is down eight cents, to $2.46. The state average was $2.54.

PHOTO: Thinkstock/Digital Vision

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