Cheap Gas Prices in New Jersey Might Be Coming to an End
And evidently, we have crude oil prices to thank.
Here's the deal...
Crude oil prices rose to $51.64 a barrel on Friday. Wednesday of last week, OPEC (The Organization of Petroleum Exporting Counties) announced an agreement to cut crude oil production. That was a surprise.
According to NJ.com,
The expected news came Wednesday after OPEC announced a six-month agreement to cut crude oil production by 1.2 million barrels per day, starting on Jan. 1, with a stated goal of "restoring a global oil demand and supply balance."
The reason gas prices have been so low over the last year or so is because there was a surplus. Sounds like that will all begin to change on January 1st.
For more details about what may happen, read the full story at NJ.com.