Today's date is May 16, 2022

Gas Prices on the Rise

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You may have noticed the steady rise in gas prices of late. Although this seems to be an ongoing trend in today’s society, the recent spike in prices has many people talking. At the beginning of the year, consumers saw an increase at the pump. Prices continued to rise in February as well, leaving some people concerned. 

The recent spike in pricing jumped around 13 to 15 cents per gallon in the United States. There are many factors to consider as to why this happened. The price for crude oil has increased. The price of gas fluctuates directly with the price of crude oil, hence the rise in prices at the pump.

In February, routine maintenance season takes place at oil refineries. Facilities shut down for weeks at a times for critical maintenance at the refineries. This usually takes place in late February and has a direct impact on pricing.
The situation in Venezuela is also a little known factor to consider for the recent uptick. The country was a very  significant exporter to the United States. Venezuela’s economy has now collapsed, leaving oil refiners searching for another source of crude oil. This loss is trickled down to you and me at the pump with ever-rising prices for oil. 
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