By Blake Haas
BLOOMINGTON – According to a local financial advisor, oil prices are rising, leading to higher gas prices at the pump.
Chris Ruedi with Savant Wealth Management said America relies on international counterparts for oil, leading to a supply and demand issue.
“(We are at) roughly or near $80 a barrel (of oil), or considerably higher than where we started this year. Gas prices continue to go up, not just here in this part of the country, but even much more punitively in the east and west coast where we are seeing $4 to $5 in gas.”
According to GasBuddy, oil prices increased 12% over October, leading to higher gas prices.
“I think it just relates to the fact that we have left the ability to produce our own petroleum and gas prices here in this country. So then you have a reliance on foreign producers who right know are just sitting on their production, saying, ‘well we kind of like where prices kind of up where it’s at. We’re getting a good price for our sales.’
There’s really no impetus for them to do more production, to put more into supply, and that’s very basically when you have lower supply and growing demand as this economy get’s back on track, and people are driving more – it’s going to lead to higher prices.”
Data compiled by Gasbuddy reports the average price in Bloomington stands at $3.46 per gallon, up from the average price of $2.23 a year ago.
Blake Haas can be reached at [email protected].
