“A rollercoaster ride” for gas pump prices

The stage average for a gallon of gasoline the past two weeks increased by two cents, according to AAA, the motor club that tracks prices.  Tiffany Wright, spokesperson AAA in the Carolinas, said, “The pandemic has caused a rollercoaster ride for prices at the pump.”  The disappointing news, she reports, is that it appears higher prices will hang around well into 2022.  Today’s national average is $3.28, eight cents cheaper than one month ago and $1.03 more than one year ago.  According to new data from the Energy Information Administration, total domestic gasoline stocks decreased slightly by 1.5 million bbl last week as gasoline demand increase to 9.72 million b/d.  Growing demand and tight supply would support more significant increases in pump prices, but fluctuations in the pride of crude oil have helped to limit price increases.  If oil prices climb, pump prices will likely follow suit.