The rebound in crude oil prices continues to impact gasoline prices for consumers at the pump. People should expect gasoline prices to start to rise moderately by 20 to 30 cents a gallon if they are currently paying $2.50 a gallon or less, said Patrick De Haan, head of petroleum analysis at GasBuddy, a Boston-based provider of retail fuel pricing information and data. Prices will rise by 10 to 25 cents a gallon for drivers living in areas where gasoline costs $2.50 to $2.75 a gallon, while stations selling gasoline for $3 a gallon could soon increase prices by 5 to 10 cents per gallon, he said. The recent increase in crude oil prices has resulted in gasoline prices inching higher. Crude oil prices rose by at least $2 a barrel on Dec. 23 when Russia moved to lower its output of crude oil due to the price cap instituted by the G7 countries on Moscow’s exports. Crude oil prices fell on Dec. 28 by 1.7% or $1.39 to $82.94 a barrel for Brent crude oil, the international benchmark, due to concerns that increasing covid cases will shrink demand in China, the No. 1 oil importing country. The decline […]
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