Gas Prices in Reno Down, OPEC Could Change That Today

While the average price in Reno for a gallon of gas is down to $3.69 from $4.22, gas prices could shoot up again if OPEC cuts production.

OPEC powerhouse Saudi Arabia is suggesting the organization will decide to keep crude production steady, despite concerns over rapidly falling prices.

A meeting of oil ministers of the 13-nation organization is being held today.

With the Saudis accounting for about a third of the output of the Organization for Petroleum Exporting Countries, their views on production are often adopted.

The comments by the Saudi oil minister also appeared to rebut calls for a cutback from Iran, OPEC's Number 2 producer and a traditional OPEC price hawk.

Other OPEC ministers have been less strident in calling for a cutback despite a nearly 30 percent tumble in oil prices after they neared $150 a barrel in July.

OPEC accounts for two-thirds of the world's known oil reserves and about 40 percent of global production.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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