So why are gasoline prices going up?

Today oil hit $110 a barrel and the national average cost of regular per gallon reached $3.246.

Now, I’m not an economist; I only play one at S&R. But like most of you in the U.S., I watch those gasoline prices ratchet higher and higher, and I’m ticked off. How come they’re going up so fast? How come they’re so high? And why isn’t someone explaining this to me?

I wish the press would spend more time telling me why prices are climbing. Yes, the press appropriately stresses the consequences of record gasoline prices on those who cannot absorb the increases. But it too often fails to point to the bad guys (we all need someone to blame, right?). Somebody’s gotta take the fall for this, many of us think.

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