gas prices

OPEC Cutback Expected to Impact Gas, Heating Oil Prices in New England

AAA says the average price of regular gas is now at $3.51 a gallon in Massachusetts

NBC Universal, Inc.

The weather lately has been a pretty strong reminder that winter is on the way in New England.

And as the colder weather approaches, experts were already sounding the alarm that it will likely cost more to heat your home. But Wednesday's announcement that OPEC is cutting down oil production could cause prices to go even higher.

"The barrels that are going to be cut will be cut in November, but what it means is higher prices for drivers, higher prices for heating, higher prices for holiday travel," Kevin Book if Clearview Energy Partners said.

OPEC announced that it would cut production by two million barrels per day starting in November, despite the fact that President Biden has called for more production.

That's why experts are now saying you could be paying more at the pump, and more to heat your home come wintertime.

"The timing is awful for us." Scott MacFarlane of MacFarlane Heating Oil in Dedham, Massachusetts said. "It’s going to be a tough winter for everybody. The consumers and anybody in business."

What's the average price of gas in Massachusetts?

AAA says the average price of regular gas is now at $3.51 a gallon in Massachusetts, which is slightly higher than Wednesday's average price of $3.48. It's still considerably lower than what gas prices were a month ago, when an average gallon of regular gas would set drivers back $3.91.

The White House said in a statement that Biden was "disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of Putin's invasion of Ukraine."

Contact Us