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Wednesday, 24 February 2021

Gas prices up, oil prices down

Credit: WTHI
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Gas prices up, oil prices down
Gas prices up, oil prices down
Gas prices up, oil prices down

Susan dinkel.

It's friday, february 19th.

////// "gas prices" are on the rise *nationwide*.

And that's as much of the nation..

Deals with the effects "of severe winter weather".

News 10's "hannah follman"..

Explains..

"why prices are up" and "how local residents are feeling about it".

/////// there are many reasons gas prices are continuing to climb.

Experts say the cold freeze in texas is one of the factors , especially in the short term.

However, they also say the covid-recovery process is an important factor to consider.

////////// [take pkg incue: the cold freeze outcue: this summer duration:1:27] [notes:] the cold freeze that hit texas this week caused many problems for oil production.

According to statista, texas is by far the largest oil-producing state in the nation.

"so much capacity shut down it is having a wide affect coast to coast."

De haan is a petroleum expert at gas buddy he says one fifth of all refinery capacity nationwide stopped.

In the fall the price of an oil barrel was 35 dollars.

Now the price is up to sixty dollars.

Experts say the recent cold weather in the south will affect gas and oil prices only temporarily.

However, the biggest reason prices are on the rise again is because more people are eager to travel.

"a lot of americans are going to be more comfortable with getting out we've been under lockdown now for a long period of time there is a lot of cabin fever happening that could boost demand... a lot of americans could be hitting the road this summer."

Oil companies lost billions of dollars last year because of covid 19.

Many facilities do not want to increase production due to the unpredictable recovery from the pandemic.

This is leading to a major supply and demand problem.

"as long as the country continues to mend from covid thats whats boosting prices many local residents are responding to these price increases with frustration and hesitation to travel more.

"it costs a lot to fill up so it keeps me pretty much at home" experts believe gas prices will not reach any record numbers based on current data.

However prices will still likely be on the rise, especially this summer..

//////// prices are going up at different rates at different stations.

Be sure to take the extra time to see what station has the best deal!

Coming up at six i will discuss more on how these prices will

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