Gas prices are expected to rise again, here's why

NEW YORK - Experts say drivers nationwide can expect to face more pain at the pump, with gas prices set to go up as OPEC announces its plan to cut oil production by 2 million barrels a day.

Patrick De Haan - head of petroleum analysis at Gas Buddy says while the cut isn’t too much of a surprise - it comes at a time when the global market is tight on oil supply.

"OPEC’s decision is likely to boost gas prices by 10 to 30 cents a gallon as well as diesel prices, jet fuel and everything derived from crude oil," he said. "OPEC is saying it’s doing this because of recession concerns that will slow down consumption."

Economist and Hofstra professor Martin Melkonian blames energy uncertainty on geopolitical events including Russia’s war in Ukraine and says weather will also impact the future.

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"If we get another hurricane, and we have outages in key refineries we can see a very sharp rise in prices due to constricted supply," he said.

According to AAA, the average price of a gallon of regular gas this week was $3.83, up five cents from last week and the first time prices have gone up in more than three months.

The expiration of the gas tax holiday will also affect drivers according to Kevin Beyer with the Long Island Gas Retailers Association.

"OPEC took a stand," he said. "We all know what will happen with supply and demand that’s going to affect us That was done politically to try to help keep the price down and it only brought it down a certain amount."

As for this winter - experts say expect volatility.

"There’s a lot that could move the needle," De Haan said. "It’s just a question of which way it’ll go."