OPEC production cuts lead to surge in gas prices.
Gasoline prices are expected to surge ahead of peak driving season due to the announcement of oil production cuts by OPEC. The production cuts will make it more expensive to bring barrels to the gas station and turn them into gasoline. The average price of gasoline is expected to hit $3.60 a gallon in the coming weeks, and it is possible that it could reach $5 a gallon during peak-driving months in the summer. The fossil fuel industry is urging the U.S. to boost domestic production to reduce reliance on foreign producers.