Consumer

Oil prices up after OPEC Plus cancels meeting

Published July 6, 2021 7:53 AM

(KYMA, KECY/ CNN) - Many Americans loaded up the car for a road trip to celebrate the 4th of July but they had to budget for gas as oil prices are up and not expected to change anytime soon.

OPEC Plus' scheduled meeting for Monday was canceled and the announcement dashed hopes for an agreement to increase production. A new meeting has not been set.

The average price of a gallon of regular gas in the United States is $3.13, which is up 95 cents from a year ago.

The rebound has been driven in part by soaring demand for gasoline and jet fuel as the pandemic winds down and health restrictions ease.

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CNN

Cole Johnson

Cole Johnson is News 11’s Sports Director.

Contact Cole at cole.johnson@kecytv.com.

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