That's in addition to the usual summer increase, expected to average 32 cents a gallon.
DUBAI, United Arab Emirates -- Saudi Arabia and other major oil producers on Sunday announced surprise cuts totaling up to 1.15 million barrels per day from May until the end of the year, a move that could raise prices worldwide.
So with an average U.S. price now at roughly $3.50 per gallon of regular, according to AAA, that could mean gasoline over $4 per gallon during the summer. The Saudi Energy Ministry said its own reduction of 500,000 barrels per day would be made in coordination with some OPEC and non-OPEC members, without naming them. The cuts are in addition to a reduction announced last October that infuriated the Biden administration.
All are members of the so-called OPEC+ group of oil exporting countries, which includes the original Organization of the Petroleum Exporting Countries as well as Russia and other major producers. There was no immediate statement from OPEC itself.
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