Why gas prices, expected to drop, instead jumped 5 cents per gallon overnight: Your Stories

Your Stories

SYRACUSE, N.Y. (WSYR-TV) — The price at the pump jumped from $2.58 to $2.63 on average per gallon in the greater Syracuse area, according to AAA.

The price job was anticipated following the drone attack on two oil supply facilities in Saudi Arabia, including hitting the biggest one in the world, which produces 6% of the global supply.

The attack drove the price of crude oil up $8-$9 per barrel, which accounts for half of the price at the pump.

AAA tells NewsChannel 9 that gas prices were expected to go down this week, before the attack, because gas stations in the northeast just switched over to the winter blend, which is cheaper to make.

Based on the data, AAA hasn’t heard any reports of price gouging. Gouging is suspected more often when even sharper price increases happen and are confined to a very local area, usually going through a serious supply shortage.

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