Houston gasoline prices jumped following OPEC's move to cut production, surging past $3 a...
Mark Mulligan, Houston Chronicle / Staff photographer
Houston gasoline prices jumped following OPEC's recent move to cut production surging past $3 a gallon for the first time in weeks. Gasoline averaged $3.16 a gallon in the Houston area Monday, climbing 21 cents over the past week, according to the fuel-price tracking service GasBuddy. Prices here are 8 cents higher than a month ago and 36 cents higher than a year ago.Nationally, gasoline prices rose 14 cents a gallon to an average $3.92, up 23 cents from a month ago and 67 cents from a year ago, according to GasBuddy.
OPEC and its allies last week approved a production cut of 2 million barrels a day, beginning in November. Oil prices rose quickly after the move, gaining 16 percent by Friday's close. "We've seen oil prices surge 20 percent, which is the primary factor in the national average rising for the third straight week," said Patrick De Haan, head of petroleum analysis at GasBuddy."They will rise a total of 10-30 cents due to oil's rise."
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