According to AAA, the national average gas price as of Tuesday was $2.34 per gallon, the highest New Year fuel prices since 2014.
The average price per gallon of unleaded gasoline increased by five cents over last week, by 18 cents a month ago and by 34 cents over last year.
Gas prices have been on the increase 34 of the past 35 days, largely due to the announcement by OPEC member and non-member countries that they would cut oil production, beginning Jan. 1, by a combined 1.758 million barrels of oil per day.
AAA reports that retail gas prices will continue to hinge on the ability of cartel countries to successfully implement production cuts.
Despite the rise in national gas prices, Texas and Oklahoma remained in the nation’s top 10 least expensive markets at $2.14 and $2.15 per gallon as of Tuesday. Average gas prices in Kansas and Colorado weren’t far behind at $2.20 per gallon as of Tuesday.
