Gas prices rise as markets respond to OPEC deal
Gas prices have increased nationally for seven consecutive days, reaching today’s price of $2.18 per gallon. Today’s average price represents an increase of five cents per gallon compared to one week ago, four cents less than one month ago and 14 cents more than the same date last year.
The Organization of Petroleum Exporting Countries (OPEC) elected to cut its collective production when the group met last Wednesday in Vienna, Austria, in an effort to rebalance the global oil supply and raise prices. Markets reacted quickly to the production agreement with crude oil gaining 12% and leading to increased retail prices. The deal is set to take effect in January 2017.
“Traditionally this time of year gives way to lower gas prices as a result of cheaper to produce winter-blend fuel and less demand,” said Tammy Arnette, Senior Public Affairs Specialist for AAA. “However, due to the agreement from OPEC it is still unclear if prices will retreat considerably ahead of the upcoming holidays.”
Average gas prices are below $2 per gallon in eight states today including: Arkansas ($1.95), Texas ($1.96), Missouri ($1.97), Oklahoma ($1.97), Kansas ($1.98), Mississippi ($1.98), South Carolina ($1.98) and Alabama ($1.98).
The biggest weekly price increases are reflected in Kentucky (+14), Ohio (+14), Michigan (+12), Indiana (+11), Delaware (+11), Illinois (+10), West Virginia (+10), Florida (+9), Maryland (+9) and New Jersey (+9).
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