Why Are Oil Prices Down and Gas Prices Up?

Gasoline prices continue to set records even as oil prices are beginning to slip back from their recent highs, leaving many drivers frustrated and perplexed.

The American Automobile Association reported the average price for a gallon of unleaded regular gasoline on June 15 was $5.014. That’s well above where it was a week, month and year ago, although it did slip two-tenths of a cent, from a day earlier.

Oil prices, meanwhile, have moved lower after topping $122 a barrel last week. In recent trading, West Texas Intermediate oil futures traded around $116 a barrel.

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