Gas prices creeping up: here’s why

Gas prices in York are up about four cents this week compared with last week, with an average price of $3.58, according to GasBuddy.,com.

It’s a trend that is repeating across the country and TheStreet has broken down the top three reasons for the upswing in gas prices.

  1. Refinery fire in California: A fire at California’s third-largest oil refinery, which produces 245,000 gallons of gasoline daily, pushed prices up this week. The fire in Chevron’s Richmond facility could keep operations down-and-out for three months, which could crimp supply and drive prices up further. With refineries already closing for maintenance reasons across the state, Californian’s could soon see prices rise to $4 per gallon.
  2. Crude oil prices are on the upswing: On Aug. 1 crude oil prices as measured by the  New York Mercantile Exchange stood at $89 per barrel. As of Tuesday, crude prices were flirting with $96 per barrel. Usually, any big gains in oil prices are followed by higher prices at the pump, and that’s the deal this week, oil traders say.
  3. Pipeline rupture in Wisconsin: Further driving up prices, especially in the Midwest (where some gas stations in Chicago were charging $4.20 per gallon) was a rupture in a key Wisconsin oil pipeline that left that Midwest consumers high and dry.

I, for one, try to remember when we were paying $3.89 per gallon about three months ago whenever I see gas prices creeping up toward $3.60 per gallon. It’s all relative in my book – though my wallet is feeling the crunch.

What about you? How do you cope with rising gas prices?

About Ashley Wislock

Business reporter focusing on retail for the York Daily Record/Sunday News. In my spare time, I'm a social media, sports, reality TV and celebrity gossip junkie. Contact me at awislock@ydr.com or 717-771-2029!
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One Response to Gas prices creeping up: here’s why

  1. Jo Ott says:

    Car stays in the garage & exits for necessities!

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