Gas prices jump overnight on OPEC output agreement

That was quick. December gas prices are off to a roaring start on news that the Organization of Petroleum Exporting Countries is going to cut global oil output.

The average price for a gallon of regular-grade gasoline rose 3 cents overnight in Florida to $2.15, AAA said Thursday. Palm Beach County’s average jumped 2 cents overnight to $2.28, according to AAA’s Fuel Gauge Report.

Pump prices are climbing in response to OPEC’s announcement that it would cut crude oil production by 1.2 million barrels Check for updates on consumer news at PalmBeachPost. in an attempt to reduce global glut and raise oil prices.

Crude prices rose more than $4 a barrel following the announcement on Wednesday. Oil is currently trading above $50 — the highest in more than a month.

Rising oil prices make the cost of producing gasoline that much higher, so gas prices climb, too. Wholesale gasoline rose 10 cents