MOLINE- Every Monday on Good Morning Quad Cities, Investment Advisor Mark Grywacheski joins us live on the air to talk about a range of financial issues and topics.
Monday, May 14, Grywacheski discussed the price of crude oil and its impact on local gas prices. Grywacheski said Russia and the Organization of the Petroleum Exporting Countries (OPEC), are reducing their oil production, which is increasing demand and leading to higher gas prices. He says the recent chaos in Syria, Iran, and Iraq are driving those prices even higher.
"It's all about money," Grywacheski said. "Their economies are driven by the price of oil. If they want to sustain their economies a little bit more, they will just reduce production, which will then increase the prices."
Gas prices are the most expensive they have been in the past three years, according to the American Automobile Association (AAA). Nationwide prices are up five cents in just the past week, adding up to a $0.20 increase in just the past month. As of Monday, the national average for a gallon of gas was $2.87.
The U.S. is currently in its second year of a historic production boom, but Grywacheski says people here are still reliant on foreign crude oil right now. According to AAA, Mississippi has the least expensive gas in the country. Iowa has the 15th least expensive at $2.72 a gallon. Illinois is the 35th least expensive at $2.91.
Your Money With Mark airs live on Good Morning Quad Cities every Monday between 5 a.m. and 5:30 a.m. To live stream our newscast from our website, click here.