The Car and Truck Fleet and Leasing Management Magazine

Gasoline Prices Rise After OPEC Deal

December 05, 2016

Photo via Wikimedia.
Photo via Wikimedia.

The national average price of gasoline increased five cents to $2.18 following an agreement from oil-producing countries in the Middle East to cut production.

Prices increased for seven days to reach a level that's 14 cents higher than the same date a year ago. The average price is four cents lower than a month ago, reports AAA.

The Organization of Petroleum Exporting Countries (OPEC) agreed to cut production at a Nov. 30 meeting in Vienna. The deal will go into effect in January.

Typically, fuel prices fall at this time of year because refiners sell the winter blend that's cheaper to produce.

Average gas prices are below $2 per gallon in eight states 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), according to AAA.

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).

The national average price of a gallon of unleaded increased 5.4 cents to $2.208 for the week ending Dec. 5, according to the U.S. Energy Information Administration. The price is 15.5 cents higher than a year ago.

Meanwhile, the average price of diesel increased 6 cents to $2.48. Diesel is now 10.1 cents higher than a year ago.

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