PHILADELPHIA (KYW Newsradio) — As oil prices rise, gas prices do too. And with the current uncertainty with the war in Iran and the Strait of Hormuz, prices at U.S. pumps are now the highest they have been in four years.
At the Wawa on Ridge Avenue in Roxborough on Tuesday, gas was going for $4.39 a gallon.
According to AAA Mid-Atlantic, the average price in Philadelphia jumped 7 cents overnight to $4.34 — 30 cents higher than a week ago and $1.20 more than the same time last year.
With Memorial Day weeks away, AAA Mid-Atlantic’s Jana Tidwell said a lot of people are still expected to travel this summer; they will just do so differently.
“Make sure they will stay with family and friends. Cut down on accommodations. Cut down on dining costs,” she said.
Villanova University economics chair Erasmus Kersting expects inflation to really pick up in a few months.
“I just heard someone from the shipping industry give a talk and they were saying that in the summer, we’ll probably start seeing serious inflation related to this,” he said.
Diesel prices have also soared and will continue to weigh on the economy as trucks and ships use the fuel to transport goods, Kersting said. The average price for a gallon is $5.88 in the Philadelphia region, compared to $3.92 a year ago.
