Rising oil prices, falling gasoline supplies squeezing drivers

Chris Miller
May 15, 2018 - 8:40 am

Gasoline prices are hitting levels we haven't seen in a few years,  and the peak of the season for gas prices is now just days away.

It's primarily because of the price of oil, says Mike Right of AAA. He notes oil is trading above $70 a barrel.

"That same barrel this time last year could've been bought for about 49 dollars", Right points out. "The rapid increase in crud oil is the major culprit, that, added to the fact that supplies are not as prominent as they once were, and demand is picking up!"

And coming soon: Memorial Day Weekend, when we usually see the highest gas prices of the year. Right says it could get even more expensive.

"Well, I would say ten cents a gallon wouldn't be unreasonable to expect," he said, "but I don't know that anybody's got a good handle on what's going on."

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