--- title: Here's How Much Gas Prices Could Rise After OPEC's Supply Cuts description: Gas prices are rising after OPEC+ announced cuts to its oil supply, and drivers can expect prices at the pump to increase more this spring. authors: - name: Pete Grieve role: Lead News Reporter url: https://money.com/author/pete-grieve/ bio: Pete Grieve is a personal finance reporter. In his time at Money, Pete has covered everything from car buying to credit cards to the housing market. education: University of Chicago, BA Political Science at_money_since: 2022 articles: 602 covers: - Economy and Politics - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes social: - https://twitter.com/pete_grieve - https://linkedin.com/in/pete-grieve-b5aa02138 - https://www.facebook.com/petegrieve4 editors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Economy and Politics - Banking - Business - Career Advice - Credit - Credit Cards - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true published: '2023-04-03T19:05:18.000Z' modified: '2024-01-10T13:46:51.000Z' section: Economy and Politics tags: - Gas prices - News word_count: 447 canonical: https://money.com/gas-prices-rise-opec-oil-cuts/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![People fueling their cars at a gas station](https://img.money.com/2023/04/News-Gas-Prices-Likely-Rise.jpg) Drivers should expect gas prices to rise following Sunday's announcement of oil supply cuts from Saudi Arabia and other oil-producing countries in the OPEC+ group. The price of the average gallon of gas, which currently stands at $3.48, could go up by as much as 15 cents as a result of the cuts, Patrick De Haan, GasBuddy's head of petroleum, said in a [tweet](https://twitter.com/GasBuddyGuy/status/1642633390368120834). Gas prices have increased by about 12 cents in the past month due to "robust demand" from drivers and higher oil prices, [according to AAA](https://gasprices.aaa.com/like-the-temperatures-gas-prices-start-to-rise/). Crude oil, which accounts for about 53% of what drivers pay for a gallon of gas, was trading at around $80 per a barrel on Monday after shooting up by more than 6% following the announcement, according to the West Texas Intermediate measure. The price is up about 19% from a recent low just below $67 on March 17. Still, the price of oil is more than 22% lower than it was a year ago, a couple months after Russia’s invasion of Ukraine [sent oil and gas prices soaring](https://money.com/gas-prices-near-record-high-2022/). Average gas prices are currently at or above $3 per gallon in all 50 states, and it appears unlikely that prices anywhere will drop following the supply cut, which OPEC said will [total 1.6 million barrels per day](https://www.opec.org/opec_web/en/press_room/7120.htm) and is "aimed at supporting the stability of the oil market." Here's a look at gas prices around the country now, and where they're likely heading: - The state with the cheapest gasoline is Mississippi, where the average is $3 a gallon. Seven of the 10 states with the cheapest gas are in the South, where proximity to refineries and lower taxes generally make for lower gas prices. - The average gallon costs at least $4 in five states — California ($4.79), Hawaii ($4.78), Arizona ($4.28), Washington ($4.24) and Nevada ($4.19) — and more states could soon join them. - Even before the cut, which OPEC says will start in May and last through the end of the year, experts were expecting gas prices to rise this spring. - GasBuddy recently reported that a [$4 national average](https://money.com/gas-prices-rise-spring-2023/) is possible by Memorial Day, noting that prices typically rise as temperatures warm. - The seasonal trend is related to the annual transition to more expensive summer-grade gasoline, which usually coincides with rising demand as the weather improves and the busiest summer driving months approach. - Even if prices rise as forecast, they'll be lower than last summer — when the national average topped [$5 a gallon](https://money.com/gas-prices-fall-30-days/). [7 Best Car Loan Rates of 2023](https://money.com/best-auto-loan-rates/) [The Share of New Cars That Are Electric Vehicles Has Tripled in 2 Years](https://money.com/electric-vehicle-sales-rising-market-share/) [How to Save Money on Gas](https://money.com/how-to-save-money-on-gas/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/gas-prices-rise-opec-oil-cuts/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Economy and Politics", "item": "https://money.com/economy-and-politics/" }, { "@type": "ListItem", "position": 3, "name": "Gas Prices", "item": "https://money.com/gas-prices/" }, { "@type": "ListItem", "position": 4, "name": "Here's How Much Gas Prices Could Rise After OPEC's Supply Cuts" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/gas-prices-rise-opec-oil-cuts/#webpage", "url": "https://money.com/gas-prices-rise-opec-oil-cuts/", "name": "Here's How Much Gas Prices Could Rise After OPEC's Supply Cuts", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-04-03T19:05:18.000Z", "mainEntity": { "@id": "https://money.com/gas-prices-rise-opec-oil-cuts/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/gas-prices-rise-opec-oil-cuts/#breadcrumb" }, "dateModified": "2024-01-10T13:46:51.000Z" }, { "@type": "NewsArticle", "headline": "Here's How Much Gas Prices Could Rise After OPEC's Supply Cuts", "articleSection": "Economy and Politics", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/04/News-Gas-Prices-Likely-Rise.jpg", "width": 2927, "height": 1951, "caption": "News-Gas-Prices-Likely-Rise" } ], "author": [ { "@type": "Person", "name": "Pete Grieve", "url": "https://money.com/author/pete-grieve/", "@id": "https://money.com/author/pete-grieve/#author", "description": "Pete Grieve is a personal finance reporter. 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