Gas prices back on the rise in Central Illinois

Posted on October 12, 2022
Jay Young, an oil and gas expert, spoke with WJBC’s Neil Doyle. (Photo courtesy: WJBC/File)

By Blake Haas

BLOOMINGTON – Thanks to a cut by OPEC +, gas prices across Central Illinois are back on the rise.

Last Wednesday, the Organization of the Petroleum Exporting Countries announced a cut of two million barrels per day, citing ‘global uncertitanty.’

“We pretty much use every barrel that the world’s producing. So when you get to a point to where you need it, and you don’t have it, or it becomes more of a commodity, where it’s supply and demand that there’s not the supply necessary, prices go up,” Jay Young, an oil and gas expert said.

According to Young, the oil and gas markets have dried up.

“I mean nobody; nobody wants to come in now and think about putting money to work in oil and gas because there’s people on these boards that say ‘we don’t want oil and gas and no fossil fuels.’ That whole thing right there means that everybody is staying away from it this time (compared to years past).”

At the market close on Wednesday, oil traded around $90 per barrel.

Blake Haas can be reached at [email protected].

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