After seeing prices rise on barrels of crude oil reach over $100, we see a slight alleviation in the past couple weeks. Prices dropped and then ended a little over $90 /bbl today, and analyst say that this is the lowest it should get and should expect barrel prices to increase. According to sources in the Associated Press article, there has been an increase in the demand for barrels in the past week, 4.3 million to be exact, which has been the first since Nov. 9, 2007.
This expected increase in the price per barrel, will most likely end up causing the gas prices to increase back to the $3 range and over per gallon. I could see the drop in price per oil barrels at the pumps when I just filled up two days ago at $2.89 /gallon, which makes a difference in the total when you fill up at $3.05 /gallon when the price per barrel was over $100.
According to the Energy Department, gasoline demand for the past week has fallen 188 thousand barrels, but last year's numbers shows that the demand should increase by about 1.2%.