Oil production cutbacks could mean increased gas prices

Saudia Arabia and other large oil producers in the world announced production cuts to start in May.

The announcement of production cuts came as a surprise on Sunday. 1.15 million barrels per day are expected to be cut until the end of the year.

The cutbacks could mean gas prices in the United States could rise even more.

According to the Associated Press, the production cuts could push up gasoline prices in the country by about 26 cents per gallon. This would be in addition to the usual increase during the summer months.

Refineries increase prices during the summer because it changes the gasoline blend.

Right now AAA's website shows the average price for a gallon of gas in the country is about $3.50. By the summer it is expected to be over $4.00 a gallon.

California's average gallon of gas right now is at $4.83.