Could Gas Prices Fall By 50%?

WASHINGTON (CBS/AP) – Drivers are feeling the pinch at the pump – AAA announced Monday that the average price for a gallon of gas is $2.41, the highest it’s been all year.

AAA says prices are climbing amid production cuts by OPEC nations, seasonal refinery maintenance and increasing demand.

But according to a new CBS MoneyWatch article, relief could be on the way.

Investment expert Anthony Mirhaydari writes that a lot depends on whether OPEC ends the production cap that’s currently in place. If that happens, he says it might send the cost of a barrel of oil plummeting.

“For consumers, gasoline pump prices could fall by upwards of 50 percent,” Mirhaydrai says.

gas prices Could Gas Prices Fall By 50%?

(Photo by Justin Sullivan/Getty Images)

In Massachusetts, the average price of gas rose to $2.28 per gallon this week. That’s 12 cents below the average, but 20 cents per gallon higher than it was a year ago.

Read the full CBS MoneyWatch story here.

(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)

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