Oil Prices Drive Gas Prices Higher Despite Low Demand

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(Undated) — For the fifth straight week, the national average gas price has risen, climbing a nickel from a week ago to $3.39 a gallon. The national average is up seven cents from a month ago and ninety-three cents per gallon higher than a year ago. According to GasBuddy Head of Petroleum Analysis, Patrick DeHaan, the price of oil pushed into territory unseen in over seven years as WTI crude hit eighty-eight dollars a barrel, which continues to drag gasoline prices higher. He says the only factor keeping gas prices from rising more substantially is that gasoline demand remains low as winter storms keep motorists closer to home. Once the weather starts to turn and warm gradually, we’ll lose the only restraint to larger price increases. The current statewide average in Illinois is $3.53 a gallon. It’s $3.25 in Indiana.