If you’ve visited the pump lately, then you may have noticed that gas prices are on the rise again and according to officials, it’s not expected to ease anytime soon.
But why are prices rising? Here’s what we know:
According to reports from AAA, gas in Maryland is averaging $3.54 a gallon as of Jan. 27. That’s nearly 50 cents higher than this time last month.
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Gas Buddy reports that several refineries have had issues preventing gas supplies from rising. Additionally, gas demand in China hasn’t slowed down rising prices here.
“Gasoline prices continued their upward trajectory last week as oil prices pulled them higher across the majority of the country, and continued refinery challenges kept supply of gasoline from rising more substantially,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Macroeconomic factors have continued to weigh on oil and refined products, as strong demand in China hasn’t been slowed much by a surge in new Covid cases. In addition, releases of crude oil from the Strategic Petroleum Reserve have wrapped up. Concerns are increasing that without additional oil, supply will tighten in the weeks ahead, especially as the nation starts to move away from softer demand in the height of winter. Moving forward, it doesn’t look good for motorists, with prices likely to continue accelerating.”
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