How Political Unrest Could Attack Your Pocketbook As Gas Prices Increase
BALTIMORE (WJZ) — What's going up should be coming down. This is the time of year when gas prices typically go down after the summer travel months, but this time it seems to be going the opposite way.
Experts say this is an example of how political unrest in oil producing countries can attack your pocketbook.
Umberto Distefano said he has noticed the change.
"It's outrageous. Something's got to change around here. I'm putting premium gas in here and it's $3.21 a gallon, and it's not affordable,"
According to AAA, prices are up 39 cents compared to this time last year.
Political unrest in oil producing countries and pending U.S. sanctions against oil rich Iran have pushed crude oil prices near a four-year high.
Jeanette Casselano of AAA said the effect is visible.
"You've got higher crude oil prices, you have concern about global supply related to crude oil and geopolitical tensions," Casselano said.
It could put a squeeze on a household budget.
Tom Waldt said he is no longer filling his tank.
"Not anymore. Now I have $10 and I'm hoping a half-a-tank. But other than that, it's tough," Waldt said.
In the gas price breakdown there are other costs to factor- refining, distribution, taxes- but crude oil is the biggest factor in what we pay at the pump.
Triple A expects those numbers to continue to rise.
It's not clear when they'll start going down.
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