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Gas price per gallon is on the rise. Traditionally, gas rates tend to be lower during the holiday season but gas prices continued to rise over this past weekend. According to AAA, this was the first Christmas that the national average price of unleaded gasoline per gallon was more than three dollars. Triple A recently reported that the national average price for unleaded gasoline per gallon was $3.042. The rise in gasoline prices in America has a bit to do with a decrease in supply. By the end of November in America, the U.S. Department of Energy was reporting that gasoline inventories on the East Coast had fallen approximately 3 million barrels below the five-year average supply. In addition to this, increases in the price of crude oil is causing gasoline prices to rise. Last trade price for Light Crude Oil at close of yesterday’s market session reveals that February contract crude oil is up .54% and priced at $91.49 a barrel. Heating oil for February contract was in the green by .35% and priced at $2.54 a gallon. Unleaded gas for February delivery was down .37% and priced at $2.40 a gallon. The February contract for sweet crude oil on the CME Globex Exchange closed at $91.51 last week and this marks the first time that oil futures passed $90 since 2008. The trending with oil price has been moving upward since June but the Organization of the Petroleum Exporting Countries announced that no changes are planned and that it will hold production steady. Author: Stephen Johnson
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