Gas Prices Rise Again, OPEC Concerned

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CBNNews.com - Gas prices have continued to rise in the past six weeks, jumping an average of 10 cents in the last week alone to $1.78 for a gallon of regular.

The recent jump came after the price of oil increased to $50 a barrel.

Drivers, however, could see lower prices at the pump in weeks ahead. Tuesday, oil prices fell below $37 a barrel.

Federal Reserve Chairman Ben Bernanke is also hopeful that President-elect Barack Obama's stimulus package will "boost" the economy and help lift the market.

Still, OPEC remains skeptical on the economic downturn and plans to cut oil output by 300,000 barrels a day.

"OPEC is starting to get concerned - again - and the ministers are determined to generate a rally," Cameron Hanover of the U.S Energy Consultancy wrote in a report.

She is urging the U.S government to increase its reserves.

This would help rebuild OPEC's faith in the U.S economy enough to keep the Saudi company from cutting more output of oil.

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