By WJBC staff
BLOOMINGTON – Drivers are paying more at the pump this week and prices will move even higher based on an agreement reached by OPEC that will cut crude oil production by 1.2 million barrels a day, according to a news release from AAA Chicago Motor Club.
Beth Mosher, the director of public affairs for AAA Chicago says drivers will feel the pinch beginning next month when the agreement goes into effect.
“We’ve already seen it happen in the Bloomington-Normal area,” said Mosher. “Averages right now are about $2.16 and prices have gone up almost 20 cents from where they were just a month ago. I’m sure drivers have noticed this rise in gas prices throughout the last month.”
The shift is aimed at draining a global oversupply that led to lower fuel prices in the last two years.
“The market reacted to that pretty quickly within the past couple of weeks or so even though these cuts don’t go into effect until January 2017,” added Mosher. “Fortunately, this does come at a time of year when gas prices are on the decline. We’re happy this didn’t come during the summer when gas prices are normally on the rise.”
Analysts believe the OPEC agreement could boost crude prices by $5 or more, which would directly lead to increases of at least 13 cents at the pump.
Gas prices in November in McLean County were an average of $1.98 for self-serve regular unleaded, which was down 15 cents compared to October and $.06 lower than a year ago.
