Tagged: Gas Prices

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Energy
2:05 pm
Wed February 22, 2012

What's Behind The Recent Hike In Gas Prices?

Credit Toby Talbot / AP
A gas station in Berlin, Vt., sold gas for $3.72 on Feb. 16. On average, regular gas is going for $3.60 a gallon nationwide.

Oil prices have jumped sharply in the past two weeks, and the price of gasoline is also moving up. Across the country, a gallon of regular costs nearly $3.60 on average, with some areas facing $4 gas. That's causing sticker shock at the pump, and concern that rising prices could derail the economic recovery.

According to Daniel Yergin of Cambridge Energy Research Associates, gas prices are up because of the West's current confrontation with Iran and sanctions over that country's nuclear program.

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