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Crude, Refinery Problems and Drought Driving Gas Prices Up

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  • Description

    FBN's Diane Macedo breaks down what's causing gas prices to rise.

  • Duration 1:29
  • Date

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This transcript is automatically generated

Gas prices climbing.

Up 38 cents since just last month without weird -- just -- need I know especially considering all the other macro factors so.

Exactly is contributing to the price surgeon.

Can we expect any relief before Labor Day yeah.

-- -- -- detect with details Dianne what are you hearing.

-- is so -- eighteen cents at up over the last two weeks at the biggest two week jump of the year.

And this is -- according to Lundberg survey the survey blames a few things for this one obvious one is high crude prices.

But some not not so obvious factors -- play here is well temporary problems at a few different refineries and pipelines around the country for example you may remember that fire.

At the Chevron refinery California last week a report came out tasting it could be six months.

Before it's back to resuming full operations and that's already affecting the price of gas in that area.

The other factor plays the drought in the midwest you might not think that -- would be connected but.

With figure out the price of corn goes up which means the price of -- and on goes up and -- the -- often mixed in with gasoline so when the price of ethanol goes up -- the price of gasoline often comes with it.

The good news here is that though prices are.

Up the 2369.

-- -- that the average for regular gallon of gasoline it's it's cents higher than a year ago.

Up thirty cents the last month but that is still 28 cents lower than where was in April of this year and the peak driving season is over -- demands to start to come down as for those gas prices.

All right Diana say no thank eleven or so after all that.

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