Wednesday, May 25, 2022

Gas prices surge along with oil costs

The national price of gas is on the rise again. (Port City Daily/Alexandria Sands)

Over the past two weeks, the national average cost of gas per gallon has increased by 20 cents to $4.32, just 1 cent less than the record high that was set March 11. That’s also $1.36 more than the average price a year ago, according to AAA.

The hike is attributed to the cost of crude oil, going from $100 a barrel last week to nearly $110.

The Energy Information Administration has released data noting the total domestic gas stocks are decreasing, while demand has increased from 8.74 million barrels per day to 8.86 million barrels per day.

Gasoline prices are expected to continue rising as long as oil prices remain over $105 per barrel, AAA projects.


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Alexandria Sands
Alexandria Sands is a journalist covering New Hanover County and education. Before Port City Daily, she reported for the award-winning State Port Pilot in Southport. She graduated from UNC Charlotte and wrote for several Charlotte publications while there. When not writing, Williams is most likely in the gym, reading or spending time with her Golden Pyrenees. Reach her at alexandria@localdailymedia.com or on Twitter @alexsands_

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