Chemical Guide

United State gas prices have been flat now for over two weeks. This has given some people a lot of hope that maybe gas prices would stay this way for awhile. However, it now seems that rising crude oil prices are likely to result in an increase in fuel costs soon, according to a new national survey. This increase should be here just in time for the holiday rush.

The average price of a gallon of self-serve regular gas was $2.83 per gallon as of November 5. This is up less than half a penny from the survey that was conducted back in October 22, meaning that gas prices really have not changed.

However, the Federal Reserve’s attempt to boost the United States economy with the $600 billion purchase of government bonds has contributed to an increase in crude oil prices by depressing the dollar, which is the standard currency for oil trades. This means that the cost of fuel, including diesel, is likely to jump up as much as 10 to 15 cents per gallon.

For those that are planning to take a vacation soon, or some kind of holiday trip, should note that the increase could happen in just a few days. Rising gas prices are not going to help the struggling American economy either. If anything, this is going to get people to travel less and spend less. That is the last thing that the government wants now.

The price of crude oil closed at nearly $87 per barrel on the New York Mercantile Exchange last Friday. This is up about $5 per barrel in the past two weeks.

Source: Comparecarrentals.com