Gas prices moved higher this week in New Jersey after OPEC cut production by 2 million barrels a day, or about 2% of total global oil production. The White House called the action a disappointment. Gas prices in New Jersey remain below their summer peak but are up 9 cents on last week.
What could the OPEC decision mean for New Jersey? Tom Kloza, the Global Head of Energy Analysis at the Oil Price Information Service, discusses the prospects. “I don’t think you’re going to be looking at a calamity in terms of gasoline prices in the next few months,” Kloza said, adding, however, that there could be a big impact on the cost of diesel, heating oil and jet fuel.
