As Christmas lights go up and local malls display jolly Santas, gas prices are still declining.
But will the savings keep through Christmas?
Signs point to no, unfortunately, AAA spokesperson Mark Jenkins said Tuesday morning.
“Oil prices increased yesterday and appear to be on the rise again today,” Jenkins said. Gas prices increased for the first time statewide Tuesday by nine-tenths of a cent.
This incline is due to the upcoming meeting between OPEC and Russia Thursday, in which they will discuss a production cut in hopes of boosting oil prices.
Local and national averages are still on the decline, according to AAA fuel reports.
“Plunging oil prices have made gasoline far less expensive to produce,” Jenkins said. “Oil prices sank to 14-month lows, because there’s so much oil in the global market and not enough demand to absorb it.”
Statewide average gas prices have declined by almost 49 cents since Oct. 10, the beginning of the 54-day decline.
“However, it’s still too early to know just how much of an impact this meeting will have on the fuel market,” he said.