CBS News: Gas prices are usually dropping this time of year but now they are going up.
DRIVERS ACROSS THE COUNTRY DON’T LIKE WHAT THEY SEE AT THE PUMP.
“With the price being really high its difficult,” says Tomasina Oliver.
“Usually we’re starting to see cheaper prices during this time,” says Devon a Lyft Driver.
GAS PRICES DROPPED FROM A HIGH IN MAY BUT HAVE BEEN RISING SINCE THEN. ACCORDING TO TRIPLE A PRICES ARE UP 39 CENTS COMPARED TO THIS TIME LAST YEAR.
“Gas prices are usually cheaper in the fall but this October we’re seeing really high gas prices. A lot of factors are playing into that,” says Jeanette Casselano who works for AAA.
TRIPLE A’S JEANETTE CASSELANO SAYS POLITICAL UNREST IN OIL PRODUCING COUNTRIES AND PENDING US SANCTIONS AGAINST OIL RICH IRAN HAVE PUSHED CRUDE OIL PRICES NEAR A FOUR YEAR HIGH.
“So you’ve got higher crude oil prices, you have concern about global supply related to crude oil and geopolitical tensions,” says Casselano.
VARIOUS COSTS GO INTO THE PRICE FOR A GALLON OF GAS…. FROM REFINING AND MARKETING TO TAXES. BUT THE PRICE OF CRUDE OIL IS THE BIGGEST FACTOR FOR WHAT WE PAY AT THE PUMP.
“It can pretty expensive to fill up the tank” says Devon.
THIS LYFT DRIVER HAS TO FILL UP ALMOST EVERY DAY AND THE HIGHER COSTS ARE CUTTING INTO PROFITS.
“I have to budget a little differently and make sure that I can account for OK it’s going to cost me $50 to fill up my tank especially on E like I am right now,” says Devon.
TRIPLE A EXPECTS GAS PRICES TO CONTINUE TO RISE IN THE NEAR FUTURE AND IT’S NOT CLEAR WHEN THEY’LL START GOING DOWN.