Gasoline Prices Could Jump Back to Summertime Levels Before Christmas

Chart via Gas Buddy

Before Christmas, prices for gasoline at the pump could climb to levels not seen since the summer driving season, as a result of OPEC’s agreement to curb crude production, writes MarketWatch.

“Motorists will soon be facing higher gasoline prices as a result of [Wednesday’s] tremendous gains in crude oil,” Patrick DeHaan, senior petroleum analyst at GasBuddy, told MarketWatch.

Oil prices climbed more than 9% yesterday following OPEC's decision to cut production and have climbed another 4.5% today.

DeHaan said that based on Wednesday and Thursday’s oil rallies, national average prices for gasoline could climb to the $2.30’s level before Christmas—about 10 cents to 15 cents higher than current prices.

Retail gasoline prices haven’t been above $2.30 since June, during the summer driving season, according to data from GasBuddy.

-RW