AMARILLO, TX (KFDA) - The 2017 Gas Price Forecast released Wednesday, Jan. 4, predicts gas prices will increase throughout 2017.
This is due to the Organization of Petroleum Exporting Countries' (OPEC) decision to cut crude oil production starting January 2017.
Last year, the national average price of gas was $2.14 per gallon. This year, this price is expected to increase to $2.40 nationwide.
Prices vary depending on the state, and Texas typically has some of the lowest prices due to abundant resources and a favorable tax structure.
Experts in this industry said while OPEC's decision to cut production is causing prices to rise, the upcoming political change in Washington will limit the affect of this increase.
"A pro-energy president who wants to see more domestic production and wants to cut back on regulations that have really hindered some of that production is going to put more pressure on OPEC," said Senior Petroleum Analyst with GasBuddy.com, Gregg Laskoski.
President Elect Donald Trump recently appointed Exxon Mobile CEO Rex Tillerson as the Secretary of State and former Texas Governor Rick Perry as Energy Secretary.
Both are projected to increase domestic production, limiting the price increase from OPEC and bringing jobs back to American producers.
"When you see energy production increase in the U.S. you're talking about more jobs," Laskoski said. "It's not just jobs in the oil and energy industry there are many jobs created indirectly as a result of the energy growth."
See PDF below for full 2017 gas projections.