COVID-19 Vaccine Arrival Makes Rockford Gas Prices go up?

Here we are ten days away from Christmas. While experts suggest that staying home is the best bet this year, there will be those hitting the road. Triple A says overall numbers for holiday travel will be down, (34 million fewer will travel for Christmas 2020) so gas prices are going to get bumped up in Rockford.

According to WREX gas prices during November dropped. Sitting at two bucks is pretty sweet. But with a new month comes a rise in the prices.

Gas is already up three cents is the past week and will continue on an upward trend towards Christmas. From Gas Buddy current gas prices in Rockford are $2.15. The site also claims that the spike in gas price has to do with arrival of the COVID vaccine. The spike in the gas prices will continue in the weeks to come.

Triple A released a statement about how the COVID vaccine could increase gas prices:

At the close of last Thursday’s formal trading session, WTI increased by 36 cents to settle at $45.64. Crude prices increased that week amid growing market optimism that vaccines for the coronavirus will be available in the coming weeks.

However, the current surge in the number of infections domestically appears to have capped crude oil price gains while states increase measures meant to stop the spread of the virus. Additionally, the increase in prices was supported by EIA’s weekly report revealing that total domestic crude inventories fell by 700,000 barrels to 488 million barrels last week. -AAA