Unless you’ve been hiding under a rock for the past few weeks, you (and your wallet) have felt the effects of gasoline prices going up.
U.S. gas prices jumped nearly a quarter per gallon during the past two weeks as higher crude oil prices and refinery shutdowns drove prices upward, a nationwide survey reports. Here’s a sample of gas prices around the country from CNN:
— Albuquerque, New Mexico: $3.14
— Boston: $3.72|
— Charleston, South Carolina: $3.41
— Chicago: $3.93
— Denver: $3.24
— Houston: $3.41
— Long Island, New York: $3.93
— Miami: $3.65
— Memphis, Tennessee: $3.33
— Portland, Oregon: $3.51
Americans pump about 4 percent of their incomes into buying gasoline.
With the average price going up 24.75 cents, many of us are wondering why. And, when will it stop?
The two main reasons for gas going up are oil prices on the rise and refineries shutting down. In this case, oil has gone up 10 percent in the past two months. The Organization of the Petroleum Exporting Countries (OPEC) has also made production cuts by about 1 million barrels a day. To add to those, several refineries have have either shut down or about to do so.
With the spring and summer months approaching, gas prices won’t be dropping much anytime soon. However, prices are not expected to be as high as last year, which had a $3.60 average.