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Gas prices spike after OPEC+ meeting called off, failed to reach agreement

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Posted at 6:35 PM, Jul 06, 2021
and last updated 2021-07-06 18:36:19-04

Expect to pay even more at the gas pump. Oil prices have climbed dramatically, reaching a six-year high, after a meeting of oil-producing countries was canceled this week.

That means there is no agreement on increasing production to meet the high demand of oil.

The Organization of the Petroleum Exporting Countries and its allies, also known as OPEC+ was considering a proposal to bring 400,000 barrels a day back to the market. The United Arab Emirates objected to other aspects of the deal and an agreement could not be reached.

No new meeting date has been scheduled.

The average price of a gallon of gas is up nearly a dollar from a year ago.