OPEC Announces Oil Supply Cuts

Knoxville (WVLT) - OPEC announced Wednesday morning the eleven members of the Oil Cartel have agreed to trim production by one million barrels a day.

The question is, what will this mean for the price you pay to fill up your car?

The national average for a gallon of gas Wednesday is $2.26, which is slightly above the average you're paying in Knoxville, $2.11.

The national average a year ago was $2.87 a gallon.

And the current price for a barrel of oil is $59, in mid-July the price was $78.40.

A formal decision on how the cuts will be divided could come as soon as next week.