PITTSBURGH — Gas prices in the Pittsburgh area have risen another five cents since Tuesday.
A gallon of regular unleaded gas averaged around $4.32 Wednesday, which is $0.62 higher than this time last week.
Channel 11 spoke with an economist to give you some insight on why prices are continuing to rise at this level.
Alexander Kurov, a finance professor at West Virginia University, says that the prices are determined by supply and demand.
“Oil is a global trade, something like this war happens, it increases the global price to oil,” Kurov said. “That’s why you see higher prices at the pump.”
We asked Kurov how long he expects these high prices and increases to last.
“This will last a while,” he said. “This crisis is not just going to disappear tomorrow, and when supply goes down, prices go up.”
He says with the United States recently banning Russian oil, gas prices will likely rise even more.
“The U.S. is going to be strained in terms of buying oil and oil products in global markets,” Kurov explained. He also says delivery services may start adding a surcharge as fuel costs go up.
“I don’t expect it to be a separate surcharge for gas prices that you can easily identify, I think delivery will become more expensive in general,” he said.
Kurov is originally from Russia, so the conflict hits close to home for him.
“We are talking about prices here, but it’s a terrible war going on in Ukraine,” he said. “People are dying, and I just hope it stops as soon as possible.”
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