There are two reasons your gas prices are going up in Northeast Ohio
CLEVELAND, Ohio (WOIO) - Drivers in Northeast Ohio have seen gas prices go up by as much as 40 cents in the past week and there are two main reasons.
Any time there is a disruption at an oil refinery, which is where gasoline is produced, there is going to be a jump in prices because supply is cut in that area.
Prices in Ohio and neighboring states are now seeing the impact of the Sept. 20 refinery fire in Toledo that killed two.
That facility is still not back online, impacting the region.
The second reason was just announced and will impact prices in the coming weeks.
Organization of the Petroleum Exporting Countries, or OPEC, announced Wednesday it could be cutting oil production by 2 million barrels a day.
A cut of this size represents about 2% of the world’s production.
With less production, the oil being sold on open markets will become more valuable and costly, which will drive gas prices even higher.
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