It’s hard not to think you’re being gouged when you see the gas prices spike, and in some cases, you are. Aside from that, though, the buying and selling of gasoline is a complicated business based on anticipation as much as reality.
Amid the chaos and turmoil in Libya, some analysts believe the oil prices will soon skyrocket. But according to Oil Price Information Service analyst Tom Closaw, that’s not the case.
Libya exports less than 2-percent of the world’s oil, and that fuel is weeks away from actually being sold at the pump. So why are gas prices here steadily on the rise now?
Because of the unrest in Libya, oil prices briefly touched $100 a barrel Wednesday for the first time since 2008. It’s a development that’s expected to have a ripple effect on prices across the board.
The current average price for regular gasoline in the Tri-State Area is about $3.27. The unrest in Libya could drive that even higher.
AAA Mid-Atlantic says the average price of regular gasoline in the Garden State on Friday was $3.05, up a penny from last week.
The costs of oil are skyrocketing, leaving many people concerned about how they’re going to pay to heat their home.
Motorists are still seeing stable prices at the pumps in New Jersey.
Global stock markets staged an explosive rally Thursday, embracing a move by the Federal Reserve to try to rejuvenate the U.S. economy by buying $600 billion in Treasury bonds.
The outlook seems good for this winter’s home heating oil prices for Connecticut homeowners. While the prices are up slightly from last spring, they are now averaging about 2.75 per gallon, experts say the price will likely stabilize.