Gas Prices rising Again

The cost of filling up at the pump has gone up for the first time in a while. The average price of regular grade gasoline is now $3.32, up seven cents over three weeks according to the latest Lundberg Survey. Publisher Trilby Lundberg says this ends a good run of low priced gasoline. “The price actually crashed 58 cents between early October and December 21, now in the past three weeks it is finally up.” Lundberg explains why gasoline prices increased. “It comes from crude oil, specifically the U.S. benchmark West Texas Intermediate.  Refiners running that crude paid about 12 cents per gallon more equivalency.”  Crude oil will continue to drive the market and determine if prices rise or fall, concludes Lundberg. “If crude stays more or less where it is we will probably see about 5 or 6 cents more at the pump, but if crude oil rises further we will see more and in the other direction if crude oil prices fall from here than we will see little if any hike.” Long Island, New York has the most expensive gasoline, at an average of $3.75 a gallon for regular grade. Salt Lake City, Utah has the least expensive at $2.76 a gallon.