Increased Prices on Horizon for Oil and Gas

Feb. 9, 2024
Factors such as higher oil costs are predicted to trigger a slow increase in pump prices.

Fuel and oil prices may soon be on the rise, according to AAA.

The price of gasoline has been steady since last week, with the national average price for a gallon of gas experiencing a small decrease for a few days before increasing by a fraction of a cent to $3.15; but sharper increases may be soon be in store at the fuel pump.

Factors such as seasonal demand trends, higher oil costs, and routine refinery maintenance are predicted to trigger a slow increase in pump prices, says AAA. Company spokesperson Andrew Gross estimates this shift will begin to take effect around Valentine’s Day. 

“It feels like being in a car with a cold battery, cranking away yet slow to turn over,” described Gross.