Gas prices are increasing yet again across central Pennsylvania.Just in the last week, prices have jumped more than 10 cents in Lancaster County. The averages are some of the highest in the state. The price for a gallon of gas is the highest it has been in eight years.According to AAA, demand for oil in the U.S. has increased, especially with some very cold weather in parts of the country. Additionally, the threat of Russia invading Ukraine is having a global impact on oil.”We are now threatening with some financial sanctions. And what does Russia have to push back with but their oil and gas. They know that’s their biggest supply and they know people need that, and they will threaten to withhold that from the U.S. So, just the thought of that happening, just the idea is pushing prices a little higher right now,” said Doni Lee Spiegel with AAA Central Pennsylvania.Spiegel also said that they don’t expect gas prices to drop any time soon.GasBuddy: Find the cheapest price near you.Inflation hits 40-year highGas prices are spiking as overall inflation hit the highest level in decades.The Labor Department said Thursday that consumer prices jumped 7.5% last month compared with 12 months earlier, the steepest year-over-year increase since February 1982. Shortages of supplies and workers, heavy doses of federal aid, ultra-low interest rates and robust consumer spending combined to send inflation accelerating in the past year.There are few signs that inflation will slow significantly anytime soon.
Gas prices are increasing yet again across central Pennsylvania.
Just in the last week, prices have jumped more than 10 cents in Lancaster County. The averages are some of the highest in the state. The price for a gallon of gas is the highest it has been in eight years.
According to AAA, demand for oil in the U.S. has increased, especially with some very cold weather in parts of the country. Additionally, the threat of Russia invading Ukraine is having a global impact on oil.
“We are now threatening with some financial sanctions. And what does Russia have to push back with but their oil and gas. They know that’s their biggest supply and they know people need that, and they will threaten to withhold that from the U.S. So, just the thought of that happening, just the idea is pushing prices a little higher right now,” said Doni Lee Spiegel with AAA Central Pennsylvania.
Spiegel also said that they don’t expect gas prices to drop any time soon.
GasBuddy: Find the cheapest price near you.
Inflation hits 40-year high
Gas prices are spiking as overall inflation hit the highest level in decades.
The Labor Department said Thursday that consumer prices jumped 7.5% last month compared with 12 months earlier, the steepest year-over-year increase since February 1982. Shortages of supplies and workers, heavy doses of federal aid, ultra-low interest rates and robust consumer spending combined to send inflation accelerating in the past year.
There are few signs that inflation will slow significantly anytime soon.