Gas prices have made a turnaround this summer -- after falling steadily since Memorial Day, prices have come creeping back up. This is happening even though demand for gas has fallen since the 4th of July.
Gas prices were headed for less than three dollars on average, then production cuts from OPEC-aligned nations kicked in, and the price of oil went up.
"Where we were maybe in the mid-60s as of Memorial Day, we are now hovering around $75 a barrel," said AAA analyst Don Redman. "We're starting to feel the effect of the cutback in production by OPEC."
Redman says those cutback were announced about six weeks ago, and that is typically how long it takes for the reduction in crude oil supply to start affecting the market.
"And that's what we're seeing, that decision by OPEC and countries aligned with OPEC, oil-producing countries like Russia, the cutback on production is driving those prices back up," said Redman.
