After a dip, gas prices are on the rise again
PITTSBURGH (KDKA) — After beginning to see a slight decrease in the cost of fuel at the pump, prices are beginning to rise again.
"It sucks," said Jim Riter, a Brentwood resident.
"It's horrible. It's just disgusting how bad it is," said Jessica Clibbens, a Brookline resident.
It's just short of one month since President Joe Biden announced he'd release one million gallons of oil a day from the Petroleum Reserve in hopes to lower the price at the pump.
"The moment that the news of the announcement was leaked, there was roughly 5 percent drop in the spot price of oil," said Jeremy Weber, an energy professor at the University of Pittsburgh.
Weber said as the war on Ukraine continues, the price of gas will likely continue to fluctuate.
"If, for example, tomorrow, there was a major breakthrough in the resolution of the Ukraine war, that would have a massive effect on the price of oil globally and domestically," Weber said. "I think the safest prediction is they're going to be volatile. There's a lot of uncertainty in the market right now. They could go higher. They could fall by a fair amount. It's not obvious which way they're going to go."
The national average for gas right now is $4.16 per gallon. According to AAA, most Americans are paying closer to $4.29 per gallon.
"It is very detrimental, especially to parents. Anyone who depends on transportation, they are at a deficit for sure," said Derrick Thrasher, a Pittsburgh resident.
Some told KDKA that the renewed increase at the pump is now forcing them to cancel their summer vacation plans. Riter said he's canceled his vacation twice now.
"Before the pandemic, I bought round-trip tickets to get to Vegas and the flights credited the money through our account. But when I tried to book it this year, the amount I paid for two round-trip tickets before COVID is the amount for one ticket. So, it's like double," Riter said.
Weber said if air travel prices continue to increase, the demand to drive will be higher than anticipated, ultimately increasing prices in oil and gas all over again.
