Gas price increases could be stabilizing

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YOUNGSTOWN, Ohio (WKBN) – Sticker shock at the gas pump could be leveling off, at least for now.

While Gasbuddy is reporting that gas prices have increased another 6 cents from a week ago and is $1.26 a gallon higher than one year ago, the upward trend could be leveling off.

“The jump in gas prices that started nearly a month ago is finally running out of steam for the time being, as oil prices have stabilized. Yet, some areas of California are still at or near all-time record highs for prices,” said Patrick De Haan, head of petroleum analysis for GasBuddy. 

Crude oil prices were up about 70 cents to $84.27 per barrel.

OPEC countries are likely not to raise oil production when its members meet on November 4, according to Gasbuddy, even though President Biden has urged major oil producers to boost production to ensure recovery of the global economy.

Even though OPEC may not boost production, analysts believe anything that the meeting itself and any comments that come out of it could push oil prices up or down.

Gas prices are expected to stay near today’s elevated level through the holidays.

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