(WJW) – Americans are feeling the pinch at the gas pump again.
Gas prices in Ohio are averaging $3.67, according to AAA Friday, which is higher than the national average. That’s up 4 cents over yesterday and 25 cents from a week ago.
This comes after OPEC, the Organization of the Petroleum Exporting Countries, announced last week it would cut production by over a million barrels per day.
According to AAA, the move took the market by surprise, causing crude to surge above $80 a barrel.
“The oil market has had a few days to digest the OPEC news and speculate about the reason. This has led to the price of oil stabilizing for now,” said Andrew Gross, AAA spokesperson, “but the cost of oil accounts for more than 50% of what we pay at the pump, so drivers may not catch a break at the pump any time soon.”
The new cuts come on top of another 2 million barrels per day in cuts announced in October.
The national average is $3.58.
According to AAA, Ohio has seen the largest increase in the average price of gas of any state in the U.S. since last Thursday.