ROCKFORD, Ill. (WIFR) – The American Automobile Association (AAA) says motorists are spending more at the pump compared to a year ago.
The average price of gasoline in Rockford is $3.35 per gallon on Monday. Gasoline prices in the Stateline have risen almost $1.00 since January 2021. Meanwhile, the national average for a gallon of gas rose two cents to $3.30.
Experts say edging gasoline prices are attributed to the price surge in crude oil, which is closing in on $80 a barrel. Fueled by social unrest and violence in Kazakhstan, a member of the OPEC+ alliance, which have forced that nation to cut production. Kazakhstan is reported to pump nearly 2 million barrels of crude a day. In contrast, the United States, as the top oil-producing country in the world, pumped an average of 18.6 million barrels a day.
Since the global price for oil accounts for nearly half of what consumers pay at the pump, higher oil costs will usually result in higher gasoline costs.
Copyright 2022 WIFR. All rights reserved.