Why So High? Analysts Say Many Things Contributing to Gas Prices

COLUMBUS, Miss. (WCBI) – Thousands of drivers are expected to hit the road this Memorial Day Weekend.

Holiday travel is up by six percent.
That’s not the only thing up from last year.

31-percent. That’s how much more, on average, drivers across the country can expect to pay at the pump this year compared to last.

Whether you’re in a hybrid, or a gas-guzzler, it’s going to take more money to get where you’re going this year.

And local drivers have definitely noticed.

“They sky high now, they up there now, uh huh,” Deon Dantztler said.

Raphinette Gibson said she’s driving less.

“Looks like everyday it’s getting higher and higher,” Gibson said.

Most of the people we spoke with are staying home for the holiday.

The analysts at gas buddy say there are reasons.

Including old fashioned supply and demand.

People are driving more, while U.S. oil supply had declined, that’s thanks to OPEC, who decreased production early last year, after the oil price crash of 2015 and 2016.

Energy industry insiders say President Trump’s tough stance on Iran, including pulling out of the Iran Nuclear Deal, has also likely led to higher prices.

Some local drivers were quick to blame President Trump, others said they weren’t sure what was contributing to the cost.

They all agreed that they doubt it’ll get any better any time soon.But there could be some hope. Recently the Saudi Energy Minister said OPEC and Russia could supply more oil to world markets “in the near future,” to balance the market.

One final note relating to holiday travel, local police say they’ll have extra officers on hand this weekend, and they’ll be on the lookout for impaired drivers.

A Mississippi Highway Patrol Spokesperson said they too have officers working overtime this weekend.

Categories: Local News

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