OPEC Agreement Should Not Raise Gas Prices Much

January 4, 2002
Filed under Trailer News

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According to industry experts, the Organization of Petroleum Exporting Countries (OPEC)
recent crude-oil production cut agreement won’t lead to sharp price increases. OPEC voted
to slash crude production by 1.5 million barrels per day (bpd), in conjunction with cuts
totaling nearly 0.5 million bpd from non-OPEC producers, including Russia, Norway and
Mexico. The cuts, to be taken out of the 76 million bpd global oil market, were set to
begin January 1. The national average for regular unleaded was less than $1.09 per gallon
on December 28, 2001, down more than 35 cents a gallon compared to the same time the
previous year. In many states, the average retail price was under $1 per gallon.

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