Gas Prices on the Upswing

By A.J. Harris

After dropping for the last seven weeks, gas prices are going up in Central Illinois.

Gasbuddy.com reports prices rose 4.6 cents last week to an average of $2.62/gallon. That is 3.8 cents per gallon lower than a month ago, but 57.2 cents per gallon higher than a year ago.

Prices also went up nationally 1.6 cents per gallon to an average of $2.57/gallon. That is two cents per gallon lower than a month ago, but 32.3 cents per gallon higher than a year ago.

Head of petroleum analysis for GasBuddy Patrick DeHaan says that gas prices jumped thanks to a notable yet anticipated drop in oil inventories, sending oil to multi-month highs above 61 dollars.

DeHaan adds, however, that weakness in gas prices will likely return in January and February as demand weakens.

The rise in prices comes after a streak of seven straight weeks where the national average dropped.