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Tight oil supply could lead to unexpected fall gas price rise

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Concern over tightening oil supplies ahead of U.S. trade sanctions on Iran have caused oil prices to go up, and drivers should brace for higher gas prices at the pump as a result.

“Looking ahead, the squeeze in global supplies will almost certainly put gasoline prices under pressure and provide a strong basis for further increases at the pumps at a time when drivers are accustomed to seeing prices soften,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “Short of producing countries suddenly finding a million spare barrels of oil over the month of October, drivers should brace for even higher prices over the next several weeks.”

In the past week, prices in Pittsburgh fell 0.4 cents per gallon to an average of $3.11, according to GasBuddy’s survey of 731 stations. That’s higher than the national average of $2.87, which is up 1.5 cents per gallon from last week.

In Pittsburgh, prices are 30.5 cents per gallon higher than a year ago, and unchanged from a month ago. The national average is 33.4 cents per gallon higher than a year ago, and up 3.5 cents per gallon from last month, according to GasBuddy.

Brian Rittmeyer is a Tribune-Review staff writer. You can contact Brian at 724-226-4701, [email protected] or via Twitter @BCRittmeyer.

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