Mass. gas prices expected to spike higher after OPEC decision

less production is always heard in your pocket, In my pocket. Many are fearing that gas prices will rise after Opec Plus announced *** roughly 2% production cut. The goal for them I think, is to prop up keep prices from falling too low. The energy cartel says it's reacting to *** struggling global economy, but the move has far reaching implications. This puts the biden administration in *** tough spot. Bu Professor Cutler Cleveland says, higher potential gas and fuel oil prices will amplify recession concerns before crucial midterm elections next month. And some experts say our area could see the biggest impact of the pump. After seeing prices fall for weeks, the areas that are not seeing refinery issues and have relatively low prices like the south, south, east, east coast northeast. They could see prices going up that 10 to 25 cents *** gallon from this impact, President biden called the decision shortsighted raising the prospect of releasing more oil from strategic reserves. The wild card here is Russia. But as Russia's war in Ukraine drags on in european countries move closer to imposing *** price cap on Russian oil. It's clear that many factors will ultimately determine just how high prices will go. And it just feels like you're just caught under *** wave that's bigger than you have any control over it and just got to adapt, take it on the chin Now right now in massachusetts, on average, we're paying about 3 48 *** gallon for gas that is 35 cents cheaper than the national average

The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections.Energy ministers cut production by a larger-than-expected 2 million barrels per day starting in November after gathering for their first face-to-face meeting at the Vienna headquarters of the OPEC oil cartel since the start of the COVID-19 pandemic.The group said the decision was based on the “uncertainty that surrounds the global economic and oil market outlooks.” Saudi Energy Minister Abdulaziz bin Salman stressed the group’s stated role as a guardian of stable energy markets.“We are here to stay as a moderating force, to bring about stability,” he told reporters."The goal for them, I think, is to prop up keep prices from falling too low," Boston University professor Cutler Cleveland said. "This puts the Biden administration in a tough spot."Cleveland says higher potential gas and fuel oil prices will amplify recession concerns before crucial midterm elections next month. Some experts say Massachusetts and the Northeast could see the biggest impact at the pump after seeing prices fall for weeks."The areas that are not seeing refinery issues and have relatively low prices like the South, Southeast, the East Coast, the Northeast, they could see prices going up from $.10 to $.25 a gallon from this impact," Patrick DeHaan with Gas Buddy said. Oil is trading well below its summer peaks because of fears that major global economies such as the U.S. or Europe will sink into recession due to high inflation, rising interest rates and energy uncertainty over Russia's war in Ukraine. President Joe Biden called the decision shortsighted, raising the prospect of releasing more oil from strategic reserves.Now, right now in Massachusetts, the average price for a gallon of unleaded gasoline is $3.48 a gallon, about $.35 cheaper than the national average.Information from the Associated Press was used in this report.

BOSTON —

Energy ministers cut production by a larger-than-expected 2 million barrels per day starting in November after gathering for their first face-to-face meeting at the Vienna headquarters of the OPEC oil cartel since the start of the COVID-19 pandemic.

The group said the decision was based on the “uncertainty that surrounds the global economic and oil market outlooks.” Saudi Energy Minister Abdulaziz bin Salman stressed the group’s stated role as a guardian of stable energy markets.

“We are here to stay as a moderating force, to bring about stability,” he told reporters.

"The goal for them, I think, is to prop up keep prices from falling too low," Boston University professor Cutler Cleveland said. "This puts the Biden administration in a tough spot."

Cleveland says higher potential gas and fuel oil prices will amplify recession concerns before crucial midterm elections next month. Some experts say Massachusetts and the Northeast could see the biggest impact at the pump after seeing prices fall for weeks.

"The areas that are not seeing refinery issues and have relatively low prices like the South, Southeast, the East Coast, the Northeast, they could see prices going up from $.10 to $.25 a gallon from this impact," Patrick DeHaan with Gas Buddy said.

Oil is trading well below its summer peaks because of fears that major global economies such as the U.S. or Europe will sink into recession due to high inflation, rising interest rates and energy uncertainty over Russia's war in Ukraine.

President Joe Biden called the decision shortsighted, raising the prospect of releasing more oil from strategic reserves.

Now, right now in Massachusetts, the average price for a gallon of unleaded gasoline is $3.48 a gallon, about $.35 cheaper than the national average.

Information from the Associated Press was used in this report.

Mass. gas prices expected to spike higher after OPEC decision

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