(NEW YORK) -- After a meeting of OPEC oil ministers Wednesday resulted in no change to the level of oil production, oil prices jumped up to over $100 a barrel.
With consumers having already seen gas prices soar earlier this year as a result of turmoil in the Middle East, how could this new development affect them?
In the past few weeks, gas prices have started to come down. Energy analyst Phil Flynn says OPEC's failure to boost production may have an impact on that progress in the short run.
"It may slow the decreases that we've seen at the pump," he says.
But Flynn says Saudi Arabia could decide to boost production on its own, turning its back on OPEC.
"The Saudi Arabians have all the spare production capacity; they're doing most of the over production," he says.
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