Gas Prices Rise Again Another 12 Cents On Average As World Events Create Uncertainty
The national average for a gallon gasoline has risen another 12 cents on average as world events and U.S. west coast refineries remain shut down for maintenance.
According to the Lundberg Survey, the national average is now $3.81 a gallon, up 30 cents over the last four weeks. Despite gas supplies being relatively high, the closed refineries on the U.S. west coast are causing a squeeze on oil being refined in Texas and Louisiana where much of the east coast gets its gasoline from. Those refineries are expected to reopen in a few weeks, but with the summer driving season approaching, it is not expected to bring down the price of gas.
Also driving up the price is the Iran standoff as tension continue to grow with no immediate end in sight.
Oil speculators have also gotten back into the market after sitting on the sidelines for the last year. Speculators buy and trade oil without touching the product hoping to bank on the commodity. This adds another set of hands in the supply chain which also forces up the price.
The city with the lowest average price in the latest survey was Denver, at $3.36. The highest was Los Angeles, at $4.35
Prices in other cities continued to rise:
-Las Vegas, $3.77