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.
- 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.
- 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.
- 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?