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US gas prices hold steady despite production cut

December 04, 2016 12:54 PM

CAMARILLO, Calif. (AP) — The average price of regular grade gasoline is unchanged nationally over the last two weeks, holding steady at $2.20 a gallon.

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Industry analyst Trilby Lundberg said Sunday that refiners have had little time to react to last week's announcement by major oil-producing countries to slash output. Many retailers have yet to see big price increases.

Lindberg says to expect higher prices after OPEC's decision to cut production. She says prices may fall if financial markets don't believe the cuts will stick.

Gas in San Diego was the highest in the continental United States at $2.69 a gallon on average on Friday. The low average was in Houston at $1.91 a gallon.

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Copyright 2016 The Associated Press. All rights reserved.

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