If you drive any amount, you've noticed that gas prices have been creeping upward recently. If you're looking to save some cash at the gas pump, click here for 10 ways to do so. And, if you're curious why prices are climbing, we think we've uncovered the answer. As NPR reports, demand for fuel is actually down. While you learned in your high school economics class that this should decrease the price, that's not the case. The NPR piece points out that in addition to the price of crude oil, several other factors play a role in the price of gas in the U.S.:
- The threat of a disruption in supply from the Middle East
- Rising demand for oil and gas elsewhere in the world (particularly in emerging economies like China, Brazil, and India)
- A slowdown or shutdown of refinery production in the U.S.
As you can see, prices may keep creeping upward unless we see a drastic change in any of the above factors. Regardless of the price paid for a gallon of gas, it's still important to do every little thing you can to decrease your personal fuel use, especially since gasoline consumption isn't great for the planet (or your wallet).