Gas Prices Are Back Up, But Why?
BALTIMORE (WJZ) -- After a quick drop, gas prices are back on the rise.
Mike Schuh tracked down some of the reasons for the hike.
How you view these numbers depends on your perspective. Are you remembering this time last year, when it was $3.39?
"Yeah, yeah. It was kinda hard. It was rough, but it's pretty chill right now," Lillie Henderson said. "I think they are pretty good."
"I love it, I love the low prices," Billy Earnshaw said.
Are you just peeking back, to just six weeks ago, when I said these words: 'Yes, the drop continues down to $2.15.'
Or do you remember that brief week or so when we saw it as low as $2?
"It's horrible, right now it's $2.25, over there it's $2.39." Gino Lapaglia said. "I mean it doesn't make any sense at all. A month ago it was like $2.21 or 2.10 -- $1.99, yeah. $1.99."
There's a reason why the prices are going back up.
"We're expecting that that trend may continue, as we look at refinery maintenance and we're looking over to switching to their seasonal blends. We've certainly seen a price increase in the crude oil cost as well," Ragina Averella, of AAA Mid-Atlantic, said.
One of the reason the prices went down so quickly was due to American fracking, but they went down so quickly that it wasn't economical for them to continue to explore for new oil so they stopped.
Now with the numbers going back up it could be economical for them to start exploration in America again -- and that means the numbers could go back down.