CHICAGO (CBS) — A new OPEC agreement could mean you’ll soon pay more for gas.
Members of the Organization of Petroleum Exporting Countries have agreed to cut daily production of crude oil from 33.7 million to 32.5 million barrels per day, and prices at the pump already have begun rising.
On Monday morning, the average price for a gallon of gas at $2.57 in Chicago, $2.36 in the metro area, and $2.22 statewide.
According to GasByddy.com, prices were about 27 cents a gallon higher than the same time last year, and 4 cents a gallon higher than last month.
Oil prices have surged because traders believe OPEC is finally addressing an oil glut that has depressed prices for the past two years.
When the deal kicks in early next year, analysts expect gas prices in Chicago could go up another 13 cents per gallon.
In recent years, OPEC has had a tough time controlling its members and reining in supply. Some analysts said they expect that to happen again, and oil prices will go back down if OPEC again fails to keep its 13 member states in line.