Gas prices rising, OPEC cutting oil production -- experts say there could be political consequences
CHICAGO (CBS) -- You probably already noticed you are paying more again at the pump.
The average gas price in the Chicago area as of Wednesday was $4.60 a gallon. That is up from $4.48 on Tuesday, and $4.35 last week.
Now, the Organization of the Petroleum Exporting Countries, or OPEC, is cutting production by 2 million barrels a day. As CBS 2 Political Investigator Dana Kozlov reported Wednesday, that action could have a ripple effect from the pump to the polls.
OPEC announced it will make the production cut in early November to stabilize falling oil prices. Thus, the 2022 gas price roller coaster is about to go another round.
"Certainly, putting that extra strain on the supply has the potential to cause some issues going forward," said Nicole Peterson of Gas Buddy.
Peterson said the first will be with gas prices. For people in places like the Chicago area, where pump prices have spiked in recent days because of an Ohio refinery explosion, OPEC's move may still translate to a small price drop.
But outside those spiking areas, Peterson says prices may jump 10 to 30 cents a gallon – right around the midterm elections.
"It's very easy for a lot of people to want to politicize this thing, but at the end of the day, gas prices are largely not a political issue," Peterson said.
But North Central College political science professor Stephen Caliendo says at the polls, fact is one thing while emotion is another.
"It's really about where the conversation sits," Caliendo said. "What are people talking about when they go to the voting booth?"
(SOT ZOOM CALIENDO AT:02:35)
IT'S REALLY ABOUT...PEOPLE ARE TALKING ABOUT...WHEN THEY GO TO THE VOTING BOOTH-
It is one reason the Biden administration lobbied against the move. Gas prices, along with inflation, have been a drag on President Joe Biden's popularity.
"Not a whole lot that the U.S.; the Biden administration can do to mitigate this issue. Not a while lot they're doing to contribute to the issue either," Peterson said. "What we're seeing is really just the global forces of supply and demand."
But Caliendo says politically, OPEC's move could be another blow.
"If it has an effect, it's going to be an effect that helps Republicans," he said.
Analysts say gas prices may continue to fluctuate for several reasons – including the impact of the ongoing conflict between Russia and Ukraine.
