Gas prices likely to rise with crude oil costs

Print
Email
|

by Jayson Chesler

Video report by Ryan O'Donnell

Posted on June 17, 2014 at 3:29 PM

Updated Thursday, Jun 19 at 11:37 AM

GILBERT, Ariz. -- The price of gas is already on the rise this summer, and prices could go from bad to worse depending on what happens around the globe.

AAA is predicting that drivers will pay relatively high prices for gas this summer, ranging from $3.55 to $3.70 per gallon. However, the price range could be even higher if the situation in Iraq impacts crude oil.

Iraq has the fifth largest proven oil reserve in the world and is one of the world's largest crude oil producers. As such, any turmoil in Iraq can impact the price of crude oil and retail gasoline globally.

Crude oil prices are the highest they've been in nearly 9 months, so gas prices are likely to get near $3.70, the high point so far in 2014, in the coming days.

Valley residents can turn to public transportation, like Valley Metro buses or the light trail, and alternative fuel to try to avoid paying the high prices at the pump. However, many residents need gas to get around.

"There's nothing you can do about it all," said Valley resident Willie Daniel about gas use. "It's one of those things you need: water, gas, air."

Gas prices typically drop roughly 20 cents per gallon during the month of June, but that price decrease will likely not happen this year because of crude oil pricing.

As of right now, gas is cheapest for Valley residents in the East Valley and Peoria, where it sits at $3.50 per gallon. Scottsdale, on the other hand, is the most expensive area with gas prices of $3.63 per gallon.

Print
Email
|