PHILADELPHIA (CBS) — Just in time for the holidays, filling the gas tank is getting more expensive.
“We’re up four cents just this weekend, and up seven cents from just a week ago,” notes Midatlantic AAA spokeswoman Jana Tidwell.
As of this morning, she says, the average five-county (Philadelphia and the surrounding Pennsylvania suburbs) price of a gallon of self-serve regular is $2.98:
“That ties the highest average for this year. We last saw $2.98 on May 8th.”
So what’s driving the spike in gas prices?
“The US dollar, which has remained very, very weak. When the dollar is weak, because crude oil is traded in US dollars, investors will increase their investment in crude oil. That’s what increases crude oil prices,” she said.
And that’s why you’re digging deeper to fill ‘er up.
Reported by Molly Daly, KYW Newsradio 1060.