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Gas Prices Headed Upward Thanks to OPEC

Gas Prices Headed Upward Thanks to OPEC
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By West Kentucky Star Staff
Dec. 05, 2016 | PADUCAH, KY
By West Kentucky Star Staff Dec. 05, 2016 | 07:07 AM | PADUCAH, KY
Average retail gasoline prices in Kentucky have risen 7 cents per gallon in the past week, averaging $2.17 a gallon Sunday. This compares with the national average that has increased 4 cents in the last week to $2.18 a gallon, according to gasoline price website GasBuddy.com.

Kentucky prices yesterday were 27 cents per gallon higher than one year ago and 6 cents per gallon higher than a month ago. 

In Paducah, prices are ranging from $1.94 to $2.19 a gallon.

"OPEC signaled at its meeting in Vienna that it would cut crude oil production. It seems to be taking the role of the Grinch this holiday season: the era of low oil prices may be over for now," said Patrick DeHaan, senior petroleum analyst for GasBuddy. 

"The rally in oil prices will lead to higher gasoline prices in much of the country over the next couple of weeks. Average prices could rise 5-15 cents a gallon in the week ahead."

"For now, oil markets have bid up oil prices believing the agreement is exactly what's needed to balance supply and demand. I, however, believe this rally represents a balloon that's filled with too much air and risks a correction," said DeHaan.



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