NEWS: Oil Prices Surge, So Do Prices at the Pump

If you haven't been to the pump in a few days, buckle up. It's going to cost you more - a lot more.

By Martin Davis
EDITOR-IN-CHIEF
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Sign of the times. Gas prices at an Exxon station on Route 3 near Central Park are right in line with prices around the region. The photo, taken Tuesday, is by Martin Davis.

Need to fill up? Prepare for a shock.

According to the AAA Fuel Price Finder, the average cost for a gallon of gas on Tuesday afternoon was $4.161. That’s a jump of 0.289 cents over last week, when the average price of a gallon of regular gas was $3.872.

The reason is straight-forward. Roughly half the price of a gallon of gas is determined by the price of crude oil.

In the United States, West Texas Intermediate (WTI) is the standard pricing benchmark. Prices had been fairly stable over the past year. That changed on February 28, the day the U.S. and Israel initiated hostilities with Iran. That day, WTI was trading at $67.02 per barrel. Nearly a week later, on March 6, the price had jumped to $90 a barrel, according to oilprice.com.

The announced two-week ceasefire on April 8 had led to lower prices per barrel, reaching a low of $82.59 on April 17.

While the average in the area is $4.16, many stations in the region are displaying $4.19 a gallon.

The AAA Fuel Price Finder lists the amount on Tuesday at Costco at $3.959.

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