Gas prices on the rise thanks to OPEC's announced cutback

(December 13, 2016) The national average for gasoline has increased for 14 days in a row following the OPEC oil production agreement on Nov. 30. Today’s average of $2.21 per gallon is up three cents per gallon on the week and two cents per gallon on the month. The national average is up 20 cents compared to the same date last year, according to statistics compiled by AAA.

Last month, OPEC agreed to cut output by 1.2 million barrels per day beginning in January and markets have continued to react to the production cut agreement with crude oil prices hitting an 18 month high.

AAA says retail prices have steadily increased following the news of the OPEC agreement, but the effectiveness of the deal and continued market impacts will hinge on all countries implementing the agreed to production levels.

Quick Stats

    • Average gas prices are below $2 per gallon in four states today including: Oklahoma ($1.96), Missouri ($1.97), Arkansas ($1.98) and Texas ($1.99).

    • Largest monthly increases include: Michigan (+23 cents), Indiana (+22 cents), Ohio (+21 cents), Illinois (+15 cents), Kentucky (+13 cents) and Delaware (+12 cents).

The West Coast is one of the only regions in the country to see prices drop on the week with the exception of Hawaii ($2.91), where drivers are now paying seven cents more per gallon. Other U.S. coastal regions have followed the price of crude oil upward over the past week. Drivers in the Northeast, Mid-Atlantic, Great Lakes and Southern regions all saw increases at the pump due to the increase in crude oil prices.