Just when gas prices aren't as painful anymore, OPEC decided Friday to slash oil production by 1.5 million barrels to stem what it calls the "dramatic collapse" of oil prices, but traders sent crude prices down 5% anyway. Gas prices right now are lower than they have been in months.
OPEC's decision could mean a change in what you are paying for fuel. You have probably noticed that some gas prices around the area have been going down. Rita Kotey has the details about what that means for Texoma.
Officials with Douglass Distributing tell us that even though OPEC may want to cut production, the economy will not allow that to happen.
Officials say that when groups like OPEC have enough supply, they stop production to make the demand go up.
That makes your gas prices increase, which takes the money right of your hands and gives it to the oil cartels.
But after Friday’s announcement was made that production would stop, crude oil prices plummeted 6%, which is very good news for drivers.
Brad Douglass with Douglass Distributing says price gouging is not unusual in these cases.
"In America, cartels are illegal. Unfortunatley, worldwide, this OPEC cartel, this crude oil cartel, is not illegal, and they can fix prices and that’s what they are trying to do," Douglass says.
Douglass says if OPEC does in fact stop production on November 1, gas prices should not increase, but supply and demand in the next few weeks will play a major role.