Gas prices heading back up

No doubt you’ve seen the slow creep of prices. Much of it is location dependent. Colorado saw a 32-cent-a-gallon increase last week.

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Fill it up.
Welcome to the Know the Difference Minute for Wednesday, January 25th.
Today’s lesson in supply and demand is being taught daily at the gas pump. No doubt you’ve seen the slow creep of prices. Much of it is location dependent. Your Colorado friends saw a 32-cent-a-gallon increase last week.
National average is $3.44 and is tied to a milder-than-average winter. Many US drivers are fueling up and driving more. That’s the demand side.
On the supply side, oil is in the $80 range. As China emerges from its latest wave of COVID, its appetite will increase. If that happens, oil will bump up…. which translates to even higher prices here.
What does need topping off is our own Strategic Petroleum Reserve. It should have 700 million barrels in reserve. It’s down 40% from a year ago and at the lowest level since 1983.
I’m Dave Spano from Annex Wealth Management. That is your Know the Difference Minute.