Wednesday, March 1, 2023

Gas price fluctuation and what to expect - WSFA

MONTGOMERY, Ala. (WSFA) - Prices at the pump are lower than they were this time last year.

Right now, the median price in Alabama is $3.00 a gallon, down 36 cents in the previous 12 months.

So, what causes that much fluctuation?

“Typically, our pump prices are tied very closely to our crude oil prices. Crude oil prices are affected by just all kinds of things on a global level,” said Clay Ingram with AAA.

Those factors include weather and war in Ukraine.

Ingram says prices are down now partially because of the COVID quarantine in China, which has reduced demand for fuel.

However, with spring break on the horizon and more drivers hitting the road, he says to expect an increase.

" In the springtime, our demand kind of gradually goes up starting with spring break, then the weather gets warmer, and people start getting out and about more going places more,” said Ingram.

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