The price of oil surged overnight, having a direct impact on gas prices. Now, you may start to feel pain at the pump.Oil prices jumped Friday amid the growing conflict in the Middle East. Just three days ago, a barrel of crude oil was $65.40. On Friday morning, it was $73.91. Jim Garrity, director of public affairs for AAA East Central, said oil and gas prices have a direct correlation with one another.”It’s definitely too soon to know exactly what’s going to happen with oil prices over the next couple of days, and even over the next couple of weeks. But what you can rely on is that gasoline prices rely on oil prices,” he said.In the Pittsburgh area, we are already seeing a spike in gas prices. A gallon of gas went up 10 cents overnight. According to AAA, the average price of a gallon of gas on Friday is $3.47. On Thursday, it was $3.37. “What you typically see is when oil goes up, you see the reaction at the pump is a little bit delayed. So we could see prices go up even further over the next couple of days as those oil prices make their way through the distribution channel all the way down to the pump.”With summer being one of the busiest travel seasons, Garrity said to keep an eye on prices and prepare your wallet.”Over the next couple of weeks that we will just keep our eyes on it, and people should make room in their budget and keep an eye on what’s happening with gas prices so nothing takes them off guard.”
The price of oil surged overnight, having a direct impact on gas prices. Now, you may start to feel pain at the pump.
Oil prices jumped Friday amid the growing conflict in the Middle East. Just three days ago, a barrel of crude oil was $65.40. On Friday morning, it was $73.91.
Jim Garrity, director of public affairs for AAA East Central, said oil and gas prices have a direct correlation with one another.
“It’s definitely too soon to know exactly what’s going to happen with oil prices over the next couple of days, and even over the next couple of weeks. But what you can rely on is that gasoline prices rely on oil prices,” he said.
In the Pittsburgh area, we are already seeing a spike in gas prices. A gallon of gas went up 10 cents overnight. According to AAA, the average price of a gallon of gas on Friday is $3.47. On Thursday, it was $3.37.
“What you typically see is when oil goes up, you see the reaction at the pump is a little bit delayed. So we could see prices go up even further over the next couple of days as those oil prices make their way through the distribution channel all the way down to the pump.”
With summer being one of the busiest travel seasons, Garrity said to keep an eye on prices and prepare your wallet.
“Over the next couple of weeks that we will just keep our eyes on it, and people should make room in their budget and keep an eye on what’s happening with gas prices so nothing takes them off guard.”