Business

Rising oil prices increase prices at the pump

Rising oil prices increase prices at the pump

"Steady declines in crude supplies have pushed oil prices about $10 per barrel higher than previous year, making it more expensive to produce gasoline".

Mist Jacksonville stations were at $2.13 a gallon Monday. This compares with the national average that has increased 2.1 cents per gallon in the last week to $2.33/g, according to gasoline price website GasBuddy.com.

Nationally, the average price of fuel Sunday was $2.35, an increase of four cents from a week before, while Georgia's average of $2.23 was up five cents over the same time period, the auto club said.

Costs in the Bay State have climbed 12 cents since they first began increasing in mid-July.

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A separate report from the University of MI finds new-car drivers are going longer for less, with the average fuel economy for new vehicles sold in July getting about a half-mile per gallon more than those sold in June.

Including the change in gas prices in IL during the past week, prices Monday were 7 cents higher than one year ago and 4 cents higher than a month ago.

Drivers have benefited from a rare summer break this year due to cheap oil and strong fuel production at refineries. Americans are driving more miles, increasing demand at the pump, and USA oil prices recently returned to the $50-per-barrel mark. Heating oil gained 1 cent to $1.65 a gallon. Gasoline demand recently hit a new weekly record of 9.842 million barrels per day, according to the latest update from the Energy Information Administration.

Officials attribute the rising prices to demand, which peaks in the summer.


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