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Crude oil prices are based on the demand for gas and petroleum products in the United States. When the supply of gasoline decreases, the price increases; suppliers know that gas is a crucial resource, so they can often set their price and apply financial pressure when there are problems with their supply chain.
The national average for a gallon of regular gasoline rose eight cents since last week to $3.66 due to the rise in oil prices, nonprofit federation of motor clubs AAA said on Thursday. Oil, gas’ main ingredient, accounts for more than half the price of a gallon of gas.