Right now prices per gallon of regular gasoline are between 2.10 to 2.89 in New Jersey, 2.03 to 2.39 in Texas, and a whopping 2.40 to 3.09 in California.
OPEC is going to slow production by 500,000 barrels of crude oil a day as of Feb .1, for the second time in less than a year and this will not help lower prices as we go into spring and summer months.
There is civil unrest in the oil producing county of Nigeria, War in oil producing Iraq and United Nation sanctions in oil producing Iran, which opens the doors to future production cuts and problems.
Greater gas demand in Asia compounds the problem by cutting into our supplies with the second crude oil production cut still ahead of us.
Mild winter temperatures have helped keep prices lower so far, but that too, is expected to end.