Pain In The Pump: Gas Prices On The Rise

The cost of gas is up across the country, including in Maryland, and is inching toward the highest price in three years.

Gas is going up about a penny every other day — 15 cents in the past month.

“We’ll be paying the highest prices for this time of year since 2014,” said Christine Delise with AAA.

Gas companies are changing over to a different summer blend. To do so, some refineries shut down, leading to the classic market principal of supply and demand. A tighter supply means they can demand more for your fuel.

Demand is up as people are driving more, and crude oil prices are up $15 per barrel compared to this time last year.

“Every time crude oil prices rise a dollar, consumers will pay roughly 2.4 cents more per gallon,” Delise said.

This week, the average price in marylMarylandxactly the same as the nationwide average of $2.67 a gallon.

 Read more at CBS Baltimore

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