The price of gasoline rose across the board in the last week as a result of a weekend OPEC deal to cut output, according to AAA.
The national average price for regular unleaded gasoline is now $2.21 per gallon, up three cents from last week, while the New York State average is $2.41 per gallon, up two cents from a week ago and 12 cents from this time last year.
Locally, the price went up 2 cents in Buffalo to $2.36 and three cents in Rochester, also to $2.36.
Crude oil prices are on the rise after the Organization of the Petroleum Exporting Countries (OPEC) and non-member producers agreed on a deal over the weekend to cut output to ease a global oversupply. On Saturday, producers from outside OPEC agreed to reduce output by 558,000 barrels a day. That’s the largest contribution by non-OPEC countries in history. Russia has pledged to cut most among the non-OPEC countries at 300,000 barrels a day.
OPEC had previously agreed to slash output by 1.2 million barrels per day from Jan. 1, with top exporter Saudi Arabia cutting as much as 486,000 barrels a day. Since that announcement, gas prices have been on the rise.
All WNY is made possible thanks to coffee and sleep deprivation.
We appreciate your readership. We like money, too.