Could Gas Prices Fall By 50%?
WASHINGTON (CBS/AP) – Drivers are feeling the pinch at the pump – AAA announced Monday that the average price for a gallon of gas is $2.41, the highest it's been all year.
AAA says prices are climbing amid production cuts by OPEC nations, seasonal refinery maintenance and increasing demand.
But according to a new CBS MoneyWatch article, relief could be on the way.
Investment expert Anthony Mirhaydari writes that a lot depends on whether OPEC ends the production cap that's currently in place. If that happens, he says it might send the cost of a barrel of oil plummeting.
"For consumers, gasoline pump prices could fall by upwards of 50 percent," Mirhaydrai says.
In Massachusetts, the average price of gas rose to $2.28 per gallon this week. That's 12 cents below the average, but 20 cents per gallon higher than it was a year ago.
Read the full CBS MoneyWatch story here.
(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)