Why are gas prices on the rise?

Oil producers have cut production to drain an overflow of supply

labor day travel

SPRINGFIELD, Mass. (WWLP) – If your new year’s resolution was to pay less for gas, think again. Prices are on the rise.

Oil producers have cut production to drain an overflow of supply, but it’s driving crude prices higher and that’s being passed along to you at the pump.

In the Springfield area, it’ll cost about $2.33 for a gallon of gas. One year ago it was $1.97, and the pain at the pump could get even worse.

Some experts say the price for a gallon of regular in 2017 could be the highest in three years.

Michael Lynch, Western Massachusetts Oil Consultant told 22News, “We will generally be a little bit higher because we are further from all of the big refineries. Taxes are a little bit higher in Massachusetts than some other places but generally we will follow along with most of the rest of the country.”

Gas Buddy says $3 a gallon gas is inevitable in the nation’s largest cities.

Other factors affecting the rise in prices include volatility in the Middle East, changes in the gas tax and the coming switch to summer blend gas in February.

For local area pump prices click here

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s