If your gas tank is a little low, head on over to the gas station soon. Prices are up and could continue to rise.
Gas prices have gone up 10 cents in the last week and there are several factors that contributed to that.
Prices began to increase as traders try and determine the impact of oil production cuts by Organization of the Petroleum Exporting Countries.
The Israel-Palestinian conflict also has people nervous about instability in the Middle East, and markets are anxious to see what the new U.S. presidential administration will do to help stimulate the economy.
All of these factors have driven oil prices up more than 40 percent from a low of $33 in December.
There’s also significant downward pressure on prices, because the economy has so severely cut into demand for oil.
In the last week the average for gasoline is Connecticut has risen from $1.71 to $1.83.
Bloomberg is reporting that oil prices might rise next week because colder weather is in the forecast for the Northeast from Jan. 14-22.
This corner of the country has a big impact on oil prices because we use 82 percent of the nation’s heating oil is sold, Bloomberg reports, citing Energy Department figures show.