Analysts: New OPEC deal causes gas prices to jump

Posted at 1:20 PM, Nov 30, 2016
and last updated 2016-11-30 13:22:09-05

LEE COUNTY, Fla. -- Drivers in Southwest Florida are seeing some large jumps in gas prices at some stations overnight, and analysts say a new OPEC deal is the reason.

According to AAA, a deal announced Wednesday by the Organization of Patroleum Exporting Countries (OPEC) calls for a cut in crude oil production by 1.2 million barrels a day to 32.5 million a day beginning in January.

Retail prices were already on the rise this week in anticipation of the deal, but analysts say it could cause an increase of 13 cents at the pump.

AAA says the average price of gas in the Fort Myers-Cape Coral region jumped 6 cents in one day, from $2.012 to $2.072.  Although some stations boosted prices by as much as 18 cents overnight.

State-wide, the average price jumped 3 cents since Tuesday, but just 1.5 cents nationwide in that same period.