Our friends, which is a huge overstatement, OPEC, (Organization of the Petroleum Exporting Countries) have just announced they are planning to slash oil production by more than 1.6 million barrels a day, starting in May and running through the end of the year.

OPEC Heads Of State Gather In Saudi Arabia
Salah Malkawi/Getty Images

What great news! NOT!!

The question here is how far will the cut drive up oil prices, meaning of course, gas? And, how much of an impact will it have in Michigan?

Quite honestly, we're probably going to have some "pain at the pump" again this summer just like last year. Good grief, last year our prices soared to almost $5 a gallon.

Steadily Rising Oil Prices Continue To Drive Gas Cost Up
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Fox17 reported that OPEC says they are worried that the banking crisis, and the macroeconomic crisis inflationary risks could dramatically reduce the demand for oil later this year. Seriously?

We in the U.S. have our high demand for gas in the summer, but it peaks during winter for the rest of the world. So, will prices jump right away?

Oil Prices Soar To Near $60 A Barrel
Mario Tama/Getty Images

The experts expect prices to begin their climb in May after OPEC begins their cut.

And this production cut/pump price rise will have a more profound effect than just the cost of a gallon of gas. Oakland University assistant professor Zeina AlSalman says if we're spending more at the pump, we're spending less on other things and prices on other consumer goods could go up as well.

Does anyone benefit from this? Nope! Just OPEC, of course.

Kuwait Oil Production Continues
Joe Raedle/Getty Images

However, don't forget that since 2008, we in the U.S. have increased our own oil production, which basically means the economy may not be impacted as badly as predicted, but in the meantime, the best thing we all can do, is to start budgeting.

LOOK: See how much gasoline cost the year you started driving

To find out more about how has the price of gas changed throughout the years, Stacker ran the numbers on the cost of a gallon of gasoline for each of the last 84 years. Using data from the Bureau of Labor Statistics (released in April 2020), we analyzed the average price for a gallon of unleaded regular gasoline from 1976 to 2020 along with the Consumer Price Index (CPI) for unleaded regular gasoline from 1937 to 1976, including the absolute and inflation-adjusted prices for each year.

Read on to explore the cost of gas over time and rediscover just how much a gallon was when you first started driving.