Gas prices rise locally after OPEC announces scale back in oil production

The rise in gas prices comes after they have been declining for months and just weeks before the midterm elections.

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ByJohn Paul via WPVI logo
Thursday, October 6, 2022
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Gas prices rose overnight across the Philadelphia region hours after OPEC announced it would scale back oil production by two million barrels a day.

PHILADELPHIA (WPVI) -- Gas prices rose overnight across the Philadelphia region hours after OPEC announced it would scale back oil production by two million barrels a day.

On average, the price of gas in Philadelphia rose about 5 cents to $3.69 a gallon overnight. In South Jersey, it shot up 6 cents. It also was up 6 cents in northern Delaware after the news.

"The market is speculating now in terms of what this means and this announcement means to the price of crude oil to the price of gasoline," said Jana Tidwell of AAA.

The rise in gas prices comes after they have been declining for months and just weeks before the midterm elections. President Biden said Thursday he was looking at ways to bring the price down.

"There's a lot of alternatives, we haven't made up our minds yet," Biden said.

People filling up at pumps in our area said they were looking for ways to save.

"I kinda come outside, thinking it might be a little cheaper in the county," said Brenda Kinsler, who lives in Overbrook Park, but went looking outside the city for cheaper gas. "I have a method to my madness."

The rise in prices might be short-lived. The cheaper blend of winter gas is starting to make its way to pumps and the winter months tend to see a drop in demand.

"Those increases could likely be short-lived depending on how the market receives this information," said Tidwell.