Factors drive up gas prices
This week marks seven consecutive weeks of gas price increases in Western Pennsylvania, totaling 58.5 cents, according to the AAA Fuel Gauge. The average price of gas in Butler County is $2.65 per gallon of regular unleaded, compared with $2.05 per gallon during the last week of April.
Gas prices have not been above $3 per gallon in the county since September 2008, according to the federal Energy Information Administration.
The national average for gas also has increased during the past seven weeks to $2.67 per gallon.
Despite the rapid increase in fuel prices, Butler County and the nation are well below last year's averages for this week.
During the week of June 7, 2008, gas averaged $4.01 in Butler County and $4.02 nationwide, while oil consistently costed more than $100 per barrel. Oil prices on Thursday rose to $71.17 per barrel, according to the New York Mercantile Exchange.
AAA reports that signs of a stronger U.S. dollar, compared against the euro and other currencies, has contributed to the recent drop in oil prices.
When the dollar is weak against other currencies, investors tend to buy more commodities, like oil, to protect their market positions, driving up the price of oil. As the summer vacation season begins and demand for gas rises, so, too, does the price of gas.
As prices rose in 2008, more individuals turned to public transportation over driving, a change reflected in the Butler Transit Authority's steadily increasing bus ridership during the past year. Overall, ridership increased 15 percent in the 2007-08 fiscal year over the 2006-07 fiscal year. The authority's 2008-09 fiscal year ends June 30.
