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Drivers got a rude awakening when they pulled up to gas stations Wednesday morning. At a blink of an eye prices jumped almost 30 cents.
The price change comes as we approach the Thanksgiving Holiday but petroleum experts say that has nothing to do with the hike.
Instead, they say right now crude oil is trading at about $80 a barrel which is $20-$30 higher than it needs to be. The people buying it don't actually want the product so that creates a bubble for crude oil driving up prices at the pump.
Petroleum expert Scot Knoll tells Fox59 fuel wholesale costs have increased over the last three days and gas stations are buying fuel at cost, meaning they're not making much of a profit.
The price change comes as we approach the Thanksgiving Holiday but petroleum experts say that has nothing to do with the hike.
Instead, they say right now crude oil is trading at about $80 a barrel which is $20-$30 higher than it needs to be. The people buying it don't actually want the product so that creates a bubble for crude oil driving up prices at the pump.
Petroleum expert Scot Knoll tells Fox59 fuel wholesale costs have increased over the last three days and gas stations are buying fuel at cost, meaning they're not making much of a profit.
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