Gas prices in Carolinas could rise after OPEC+ makes oil cut

CHARLOTTE, N.C. (WBTV) - It might be a good idea to fill up your gas tank sooner than later as gas prices are going up again after several months of steady decline.

The main factor in the price hike is major oil-producing countries that are cutting production, which means higher prices.

The price of gas in the Carolinas is still lower than the national average, which is around $3.90 a gallon.

Overall, according to the latest figures from Triple-A, $3.50 per gallon is about seven cents more than a month ago. In South Carolina, it’s $3.36, which is three more cents from a month ago.

Tracker: WBTV GAS PRICES

While these are both still lower than the national average, it could be catching up after OPEC+, led by Saudi Arabia, decided to cut oil production by about two million barrels per day. Ahead of the upcoming midterm elections, it’s a blow to the Biden Administration, which had launched a recent campaign to dissuade Middle Eastern allies from cutting production.

“Less supply of crude oil equals less supply of gasoline. Less supply of gasoline at current demand levels equals higher prices,” Oil Analyst and co-found of The Schork Report, Stephen Schork said.

“We believe we have the tools here at home to work with our allies, and to work with Congress to make sure that we address the mistake that OPEC made yesterday, which was the wrong direction,” State Department’s senior advisor for Global Energy Security, Amos Hochstein said. “And again, I believe it will have less of an impact in the United States and far more of an impact on lower-income countries around the world.”

Local refineries such as those in California that temporarily shut down for maintenance will be back up soon and stocking up on a winter blend. But that can only do so much.

Also Read: OPEC+ makes big oil cut to boost prices; pump costs may rise