Gas Prices on the Rise Again

OPEC+ limits gas production negatively affecting gas prices


Morgan Fuerstenberg graphic

Observant drivers might have noticed a spike in gas prices within the past few weeks. This has come as a shock for many Americans after the 98-day streak of decreasing gas prices over the summer.

Last week, the oil production group Organization of the Petroleum Exporting Countries has announced a cut in their oil production by over two million barrels a day. Due to this change, the price of crude oil has skyrocketed over the past three weeks, with the national average now being $3.92 a gallon.

Patrick De Haan, the chief petroleum analyst at the gas price tracking group, GasBuddy, wrote in a blog post that “With OPEC+ deciding to cut oil production by two million barrels a day, we’ve seen oil prices surge 20%, which is the primary factor in the national average rising for the third straight week.”

De Haan then went on to say that it is his personal belief that gas prices will continue to rise over the course of the next few weeks, and consumers should be prepared to pay more at the pump.

In the Midwest, gas prices have become even higher due to an onslaught of refinery issues around the Great Lakes. A silver lining is that the oil refineries are set to continue operation, and it is likely gas prices in the Midwest and West Coast will decrease.

De Haan stated near the end of his blog post, “Refineries (in the Midwest) have been offline in recent weeks, but are now set to resume operations. Once they do, prices there—now the highest in the country—are likely to come down.”

This prognosis should be a resurrance for all current Wisconsin drivers, due to it being extremely likely that gas prices will lower within the next couple of weeks.