Why Gas Prices In Montana May Suddenly Skyrocket

Could Gas Prices In Montana Suddenly Skyrocket?

It's that time of year again. The time where people all over America hit the open road on vacation.

It's also that time of year where you can expect gas prices to rise, but this year there might be a chance the price of gas skyrockets.

READ MORE: How To Save Money At The Gas Pump In Montana

What Is The Reason For Gas Prices To Soar?

There are lots of reasons gas prices go up and down; the biggest is supply and demand.

Much like the stock market, you want to buy low, and buying low might not be a possibility this summer, not just in Montana but across America as well.

At least that's according to a new report coming out from Reuters, in which they say OPEC+ plans on continuing to cut oil production into next year.

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Production Cuts Look To Raise The Price Per Barrel

The price of crude oil has been holding steady at around $80 a barrel recently, and OPEC+ says they need to get those prices up to balance their budgets.

When the price of oil barrels goes up, so too does the price we pay at the pump.

America, which is not a member of OPEC+, has also been ramping up production lately, which has also hurt OPEC+'s bottom line.

Hopefully things don't get too out of hand, because these production cuts seem to only hurt regular Montanans every time we fill up our vehicles.