Gas prices on the rise
Americans are feeling sticker shock at the pump as gas costs continue to go up. The average price across the country is up to $3.25 per gallon, 5.2 cents more than last week, with some major cities such as New York nearing $5. Diesel prices rose 10 cents for an average of $3.45 per gallon.
What is behind the increases? Natural gas prices have skyrocketed over the past year, forcing some countries to turn to crude oil as a more affordable alternative. That inflated crude oil prices to a seven-year high of $80 a barrel. As people begin to travel more and businesses reopen, the energy demand has shot past supply capability. OPEC and ally oil companies have been slow to step up crude oil production despite the White House’s calls to do so. Economists project that gas prices will likely worsen economic inflation in the United States.
Dig deeper: Listen to Sarah Schweinsberg report on increasing interest in electric vehicles on The World and Everything in It podcast.
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