With the start of December came an agreement between Saudi Arabia and Russia to reduce oil production, beginning in January.

OPEC, which includes Saudi Arabia, Iran and Iraq pledged to reduce the oil supply by 1.2 million barrels per day. Russia, not in OPEC, will reduce its output by 300,000 barrels per day.

Oil prices rose immediately after the agreement was revealed, even though the production cuts won’t begin for another month. A rise in gas prices will likely follow.

The increase in gas prices is expected to be within five to 15 cents per gallon, possibly up to 30 cents by the time Trump takes office in January.

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