Business

PRICES AT THE PUMP EXPECTED TO INCREASE

by John McPhaul, The Chicago Times

October 11, 2021

CHICAGO – While certain parties worry about what information is post on “social media”, gas prices continue to rise throughout the country as oil prices hit a seven-year high.  Many states are now surpassing $3.20 per gallon.

According to data from GasBuddy, the national average price of gas is at $3.25 per gallon, up from 5.2 cents a week ago.  Furthermore, data gathered from more than 150,000 gas stations throughout the country, prices are up 7.5 cents from a month ago and more than $1 from a year ago.  Diesel is up more than 10 cents from last week and now costs $3.45 a gallon, according to the data.

Oil prices have been nearing a seven year high, with West Texas Intermediate crude oil prices topping $80 per barrel, according to CME Group.

Some argue that the spike in prices is pent up demand now being unleashed as the worldwide pandemic “eases”, while others site the Biden administration’s move to shut down the oil industry that was vibrant under the previous administration.  Many experts believe the country was nearly energy independent before the 2021 regulations took effect.  Whichever argument is true, prepare to pay at the pump.  High prices transcend party politics as families decided what they can afford to spend.

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