ATLANTA — As Spring Break comes to a close, many families are looking ahead to upcoming summer travel, but some recent moves from Organization of the Petroleum Exporting Countries (OPEC), a group of 13 oil producing countries, is likely going to hit drivers at the gas pump.
The block is reducing production by around 1 million barrels a day. That's on top of the 2 million barrels that OPEC had previously cut. According to an analysis from Reuters, these cuts combined amount to around 3.7% of global demand.
Those production cutbacks will likely increase the price of crude oil, which is the unrefined version of the gasoline you put into your car. According to AAA Spokesperson Montrae Waiters, that'll likely affect you when filling up your tank.
"Whenever we see crude oil increase [in price], nine times out of 10, we're going to see gas prices follow suit," Waiters said.
Adding to that, 41% of Georgians traveled for spring break this year, according to AAA. That is up 22% compared to last year.
With more people driving, that increase in oil consumption might also hit drivers at the gas pump, but considering the complexities of the global oil market, Waiters said that the true impact on oil prices in the Peach State remains to be seen.
"Because the market is so fluid and at this point a little unstable, we don't know how high the gas prices are going to go," Waiters said, "But I can tell you, they're just holding steady, and we're gong to have to wait this week to see what the market does."
As of now, the average price of gas in Georgia is right now sitting at around $3.38 a gallon, which up 15 cents from a week ago. The national average is at around $3.60 a gallon.
According to AAA, there are some simple steps to save some money when fueling up.
They recommend looking for the cheapest gas price, considering paying cash instead of with card and enrolling in a fuel savings program. It is also recommended to slow down when you're on the road to get better fuel efficiency.