Gas prices back up in Somerset
Feb. 2—Despite the drop in prices towards the end of 2022, this year has seen a rapid increase of prices.
While nowhere near the previous spike, 2023's increase still affects the wallets of many drivers. Experts don't see the prices going back down any time soon.
The average for regular gas rides around $3.15 in the Somerset area. While steep, this is below the national average of $3.50, according to the American Automobile Association (AAA). Prices for the past eight weeks have climbed and don't show signs of stopping. Experts warn a national average price of $4 could be on the horizon for this year.
Many local gas station attendants interviewed by the Commonwealth Journal said they typically follow the example of other gas stations and match their competitor's prices.
Some local gas stations buy from out-of-state companies including the Marathon station on Slate Branch Road. They said that their prices are set by "an email" that the company sends them.
The Marathon state that these raising gas prices don't typically show any increase in their bottom line.
"Most of the profit goes back to the middle man," they said.
That leaves the question of why gas prices are rising.
The common claim of last year's increase was Russia's invasion of Ukraine. Sanctions placed by the United States and the European Union on Russia led to a major drop in value of the Russian Ruble and a break in supply chains. This time, however, the war in Ukraine is only part of the story.
One of the factors is oil refinery utilization. It hasn't fully recovered from cold weather in December and the refineries typically perform maintenance in the coming months.
So how long will gas prices continue to rise? Nobody knows.
With oil prices hovering around $80 a barrel, prices certainly won't drop in the near future and experts say there is "little good news" for U.S. drivers.
Until something changes, Somerset drivers and others throughout the States will be have to pay a little extra at the pump.
