Gas prices are back up across the entire country and we are all noticing it at the pump. Every single state is seeing averages over three dollars a gallon again according to recent reports. Here is a quick look at what is happening with fuel costs and why you are paying more today.
Every State Is Over Three Dollars
Gas prices officially crossed the three dollar mark in every state across the country. This means no matter where you live you are feeling the pinch when you go fill up your tank.
Kansas Was The Last To Change
For a while Kansas was the only place left where you could find cheaper gas. That changed quickly when their average price bumped up five cents to push them over the line like everyone else.
The National Average Is Getting Higher
The overall national average for a gallon of regular gas has reached about three dollars and fifty eight cents. This number keeps moving but right now it is on the high side for most drivers.
Prices Started Climbing In Early March
We noticed these steady price increases right around the beginning of March and it has not stopped. It feels like the cost just creeps up every time you pull into the gas station.
Events In The Middle East Matter
A lot of the reasons for these higher prices tie back to the escalating violence in the Middle East. These global events ripple through energy markets and affect how much we pay at home.
Traffic Through Waterways Has Slowed Down
The Strait of Hormuz is an important waterway that handles a huge chunk of our oil supply. Shipping traffic through there slowed down lately and that tightens up the supply we really need.
Regional Energy Infrastructure Takes A Hit
There have been targeted actions against regional energy setups which puts strain on how much oil gets produced. When less oil is made it usually means prices go up for the people buying it.
Millions Of Barrels Are Being Released
To help stabilize prices the International Energy Agency announced a coordinated release from their strategic reserves. They are putting four hundred million barrels out there to try and calm the markets for everyday consumers.
Oil Futures Keep Showing Volatile Trading
Oil futures have been bouncing around as investors try to figure out what will happen next with global supply. People are watching closely because oil prices nearly doubled in just a few short months.
