Kai Ryssdal talks to oil analyst Tom Kloza on MarketPlace about what is driving the price of gas higher now.
It’s a case of “be careful what you wish for.” Global economic growth – what we all want, of course – is pushing oil prices higher.
One analyst feels that while it might push prices higher, they won’t reach the $4 or $5 per gallon levels some are forecasting. At some point, though, we’ve got to look out, because the world’s demand for oil and other energy is only forecast to increase. [Gasoline ETFs: How to Offset Higher Prices At the Pump.]
AAA doesn’t see it that way, though.
Jennifer Grove for WMBF reports that not only is the overall price of gas across the country up as supplies shrink, but prices could well remain there for the time being.
For many businesses, they feel the pinch everywhere from increased food prices to delivery costs. As long as overseas demand remains up, prices at the pump will stay high, too, until the supply and demand curve evens out again.
Tisha Guerrero contributed to this article.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.