Gas prices back up: OPEC+ production cuts fueling higher prices as weather warms

Gas prices are up 8.7 cents per gallon nationally over where they were a week ago, according to the data site GasBuddy.

The average price in Virginia is up 9.4 cents per gallon, to $3.40 per.

The national average for a gallon of unleaded is $3.49 a gallon.

The national average price of diesel has fallen 3.7 cents in the last week and stands at $4.16 per gallon.

The push upward is coming from the decision by OPEC+ members to cut production by more than a million barrels per day, sending oil prices back over the $80 per barrel threshold, according to Patrick De Haan, head of petroleum analysis at GasBuddy.

“While demand has been somewhat soft this spring, the move to cut oil production ahead of the busiest months for consumption certainly sends a message that OPEC+ countries are aligned in their desire for consumers to pay more,” De Haan said.

The initial impact could be as much as 20 cents per gallon at the outset, according to De Haan.

“There could be further developments in the days or weeks ahead that enhance the impact, especially as motorists prepare for the summer driving season,” De Haan said.