Before Christmas, prices for gasoline at the pump could climb to levels
not seen since the summer driving season, as a result of OPEC’s
agreement to curb crude production, writes MarketWatch.
“Motorists will soon be facing higher gasoline prices as a result of
[Wednesday’s] tremendous gains in crude oil,” Patrick DeHaan, senior
petroleum analyst at GasBuddy, told MarketWatch.
Oil prices climbed more than 9% yesterday following OPEC's decision to cut production and have climbed another 4.5% today.
DeHaan said that based on Wednesday and Thursday’s oil rallies, national
average prices for gasoline could climb to the $2.30’s level before
Christmas—about 10 cents to 15 cents higher than current prices.
Retail gasoline prices haven’t been above $2.30 since June, during the summer driving season, according to data from GasBuddy.
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