Pump prices across the country are getting more expensive as Americans head into the last weeks of the year, according to AAA Tidewater. Since Monday, the national gas price average has jumped six cents to $2.22. While not the highest price seen this year, it is the highest national average since mid-September.
Two factors have contributed to driving up the price at the pump: rising crude oil prices and tightening supply. The domestic price of crude oil has been steadily rising since November, with prices topping $49/barrel. Prices have not been this expensive since February, before stay-at-home guidance was introduced across the country. Prices began to rise last month alongside vaccination news and have only increased with it becoming available.
Last week, the Energy Information Administration data shows U.S. gasoline supply levels sit at 238.7 million barrels, which is 1.6 million barrels more than a year ago. While a healthy supply, the year-over-year surplus has been much g...
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