Oil Hits New High

Gas prices in the Carolinas have increased by almost one dime as supply tightens and crude oil hits an 11-month high.  And the spokeswoman for AAA, the Auto Club Group, is explaining why demand is lower, but pump prices are higher.  “Crude oil was pushed to its highest price last week and if crude prices remain high, motorists can expect to pay more at the pump this month,” says Tiffany Wright, AAA’s spokeswoman.  Pushing prices higher:  the year-over-year deficit, combined with lower refinery production and ongoing refinery maintenance.  Crude increased last week after Saudi Arabia announced that in February and March will cut production.