Rising oil cost, high demand for gas keep pump prices surging
(June 7, 2022) WASHINGTON, D.C. — The cost of a barrel of oil is nearing $120, nearly double from last August, as increased oil demand outpaces the tight global supply. Meanwhile, domestic gasoline demand rose last week in the wake of a robust Memorial Day weekend of travel. As a result, the national average for a gallon of gas surged 25 cents in one week to hit $4.86, according to AAA.