Sunday, April 14

Tag: refinery production

Gas prices are on the rise. Here’s why
Business

Gas prices are on the rise. Here’s why

Gas prices are on the rise as high temperatures hamper refinery production and demand remains elevated. Prices are still well under where they were a year ago. However, the national average price for a gallon of regular gasoline hovered at $3.82 on Thursday, up 11 cents from a week ago and up nearly 30 cents from a month ago, according to data from AAA. One year ago, the national average sat at $4.16. The cost of crude oil, which accounts for nearly half of what consumers pay at the pump, shot up $11 per barrel over the last month, Lipow Oil Associates President Andy Lipow said. GAS PRICES MAY SPIKE AS MUCH AS 10 TO 25 CENTS THIS WEEK IN SOME STATES For instance, on June 26, prices were at $69.37. As of Thursday, they are around $80, which "is equivalent to a 26 cent per gallo...