MARKET SAVVY : Bad News for Drivers: OPEC Cuts to Stay

Don’t expect to pay less at the gas pump any time soon: The Organization of Petroleum Exporting Countries agreed Wednesday to continue oil production cuts through March, maintaining an unusual level of discipline for the 11-member cartel. The cuts, instituted last March, paved the way for the dramatic rebound in energy prices this year. Near-term crude oil futures in New York remained above $24 a barrel Wednesday, inching up 18 cents to $24.12. The average retail price of gasoline has soared with crude and could go higher: Some analysts are predicting that oil will pass $26 a barrel soon, which would add at least 5 cents a gallon to the price of gasoline. For the week ended Monday, the national average retail gasoline price was nearly $1.27 a gallon. How oil and gasoline prices have fluctuated in recent years:

U.S. Crude Oil Prices

Wednesday: $24.12 per barrel

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Retail Gasoline Prices

Monday: $1.27 per gallon

Note: Gasoline prices are for self-serve regular unleaded.

Source: New York Mercantile Exchange, Energy Department’s Energy Information Administration