Will Arizona gas prices go up on OPEC oil reduction?Posted: Updated:
PHOENIX -- If there is a bright spot among the poor economic news these days its our falling gas prices.
But now that OPEC has cut oil production, will we see those prices jump back up?
That's the million dollar question.
According to A.A.A. of Arizona, todays statewide average of $2.94 is the lowest in eight months.
That's making drivers smile as they approach the gas station. But that smile might be short lived with the production of crude oil being slashed.
So far, OPEC's production announcement has not had an effect on the price, with crude still trading under $65 a barrel.
However the next few days will truly determine how it will affect localgas prices.
More good news: according to A.A.A. the winter blend will not be circulated until November and that should drop prices an additional 5 to 10 cents.