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Local drivers are facing higher gas prices as the cost of a gallon of regular fuel has risen to $3.11, marking a four-cent increase over the past week. This is also a two-cent rise compared to a month ago. According to AAA, the state average currently stands at $3.17, while the national average is slightly higher at $3.19.
The rise in gas prices is attributed to increasing crude oil prices, which have reached near three-month highs. As Marie Dodds, public affairs director for AAA Oregon/Idaho, explained, "The higher crude oil prices are putting upward pressure on pump prices." The increase in crude oil prices is partly due to winter weather boosting energy demand and optimism about economic improvements in China.
Despite the recent increase, gas prices are still lower than last year. As Newsweek reports, the average price was $3.36 a year ago. However, gas prices vary significantly by region, with states like California and Hawaii having some of the highest prices in the nation.
Looking ahead, gas prices may continue to fluctuate due to factors such as geopolitical tensions and seasonal changes. As Michael Ryan, a finance expert, noted, "Hurricane season could spike prices overnight, and any Middle East tensions do the same thing."