Gasoline Prices Creep Up Again

Gasoline pump
Gasoline pump

Gasoline prices have risen again. Yesterday, according to AAA Fuel Gauge, the price of a gallon of regular nationwide cost $3.782, compared to $3.777 the day before and $3.347 a month ago. So $4 gas must be just around the corner.

According to The Wall Street Journal:

Regular gas costs more than $4 per gallon in Hawaii, California, Washington D.C. and New York, which may not surprise many people because prices tend to be significantly above average in these areas. However, premium fuel is above the $4 mark in 23 stated plus the District of Columbia, according to the AAA Daily Fuel Gauge Report.

Why so high, especially considering prices tend to be lower during winter?

The rise is partly the result of higher crude oil prices. But the main culprit is an increase in what fuel industry insiders call the crack spread, or the difference between the wholesale price of gasoline and the price of crude oil, said the U.S. Energy Information Administration.

Filed under: 24/7 Wall St. Wire, Oil & Gas Tagged: featured