Why gas prices are rising as oil falls to 6-year lows

17-Aug-2015

Crude-oil prices haven’t been this low in nearly 6 1/2 years, but motorists in some parts of the country have seen a significant rise in prices at the gas pump this week.

Drivers can thank refinery troubles for that puzzling development.

The median price for gasoline in the U.S. Friday stood at $2.559 a gallon, up 6 cents from a week ago but down from $2.699 a month ago, according to retail fuel data site Gasbuddy.com The Chicago region has seen the biggest regional rise, with prices rising more than 60 cents from last week’s average to $3.372 a gallon.

While there have been some signs of moderation, in some places it has been brutal: Prices rose above $5 a gallon in California earlier this week, according to news reports.

Futures on West Texas Intermediate crude oil CLU5, -1.41% the U.S. benchmark, fell more than 3% this week to end at $42.50 a barrel after dipping to the lowest level since March 2009. (by William Watts, Market Watch)

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