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Gasoline prices already rising after tentative OPEC deal

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Written by:  Jordan Blum at Fuel Fix

Click HERE to Read Article From Publisher


Houston-area gasoline prices jumped 2 cents in the past week after OPEC tentatively agreed to reduce oil production, but Texas nevertheless has the cheapest fuel in the nation.

Local prices at the pump rose to an average of $1.96 per gallon of regular unleaded gasoline, compared with a statewide average of $1.98 and $2.22 nationwide, according to GasBuddy, which tracks fuel prices and refining activity.

News that the Organization of the Petroleum Exporting Countries could reduce its production of oil has caused U.S. crude prices to jump from about $45 a barrel to more than $48 in recent days. Gasoline price swings often trail oil prices.

But doubts linger that the OPEC agreement will be solidified in November.

“Oil prices surged on the news which fueled gas prices to jump as well, but several days after the news broke, there’s reason to doubt OPEC’s sincerity of a possible production cut,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.

GasBuddy also said gasoline prices are being affected by problems at refineries. Outages and maintenance have affected some refiners in the West and Midwest, causing prices to rise in those two regions.

Texas, New Jersey and Missouri were the only three states with average gasoline prices below $2 a gallon on Monday morning.

Houston-area prices are as low as $1.70 a gallon in the northwestern parts of town and as high as $2.79 per gallon around the Galleria.

Written by:  Jordan Blum at Fuel Fix

Click HERE to Read Article From Publisher