OPEC Actions May Raise Lubbock Gas Prices - KCBD NewsChannel 11 Lubbock

You may want to fill up your tank as soon you can. 

Tuesday, Saudi Arabia's Oil Minister said OPEC will slash oil production this week to keep the price from falling further. He expects to cut production by 2 million barrels per day. That means gas prices could go up soon.

Here in Lubbock we've already seen a jump in prices the past few days. If you look around, you can still find gas in Lubbock as low as a $1.39, but $1.50 is now more common.

Economists believe if the price falls below $40 a barrel it would mean budget deficits for 11 of the 12 OPEC members. "You know that supply is still somewhat in excess because of the financial situation. Inventories are also higher than normal," said Saudi Oil Minister, Ali Naimi.

OPEC hopes the cut in production is supported by Russia.

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