The cost of gasoline has shot up 17 cents in the last week and, as of this morning, Sunday, February 27th, the average price of a gallon of unleaded gasoline in the New York City area is $3.619!
Today marks the fourth day in a row that gas prices have risen and the 6 cents rise this past Friday marks the largest one day increase since 2008.
The jump in pump prices follows a surge in prices for crude oil, the main ingredient in gasoline. Oil prices spiked 9% last week, a week that included a high of $103 a barrel -- the highest since October 2008.
Gas prices are expected to continue rising over the next few days, since gas prices typically lag trends in the oil market. It has been estimtade that for every $1 increase in the price of crude oil, retail gas prices typically rise 2.5 cents a gallon.
Although Winter typicaly brings lower gas prices because of reduced demand, this February will be the most expensive on record for gas prices and with Spring/Summer fast approaching, can $4 a gallon gasoline prices be far behind?
No comments:
Post a Comment