Earlier this month OPEC finally agreed to cut oil production by 1.2 million barrels a day, and while that move has been good for oil markets it's taking a toll on consumers' wallets.
Gasoline prices are marching upwards and are expected to hit $3 per gallon in certain parts of the country early next year, USA Today reports. Oil prices jumped above $50/barrel after OPEC members announced they’d reached a deal, and there’s no reason for them to drop again considering non-OPEC countries agreed to cut output by almost 600,000 barrels a day on Saturday.
But those price increases at the pump are bound to hurt American consumers, with the University of Michigan Transportation Research Institute finding average drivers stand to pay $381 more a year if prices rise to $3 a gallon. [USAT]
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