Gas Prices on the Rise – Crude Oil Costs Higher

Image courtesy AAA Mid-Atlantic
Gas prices are on the rise.
The national average for a gallon of gas increased 4 cents in the past week to $3.11. In Delaware the price increased 9 cents to an average of $3.13.
Crude oil also increased ending the week $1.31 higher that a week ago – at $77.88 per barrel.
“Domestic gasoline demand is low, so why are pump prices creeping higher? Look at the cost of oil,” said Jana Tidwell, AAA Mid-Atlantic. “Global oil prices have surged due to strong winter heating fuel demand and new U.S. sanctions against Russia’s energy sector. Oil costs account for 56% of what you pay at the pump. So, more expensive oil leads to more expensive gas. But that said, there are still 26 states with aver-ages below $3 a gallon for now.”
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