A Villanova University professor explained to Action News two things he has his eye on right now to determine what happens to prices at the pump.
PHILADELPHIA -- Since oil is globally traded, what happens across the world hits us in the wallet.
"If OPEC decided to ramp up production that will moderate prices. And certainly, the volatility in the market will subside if there is a resolution in Ukraine. No question whatsoever," said Scott Jackson, visiting professor at Villanova University. "The effect of releasing oil from the reserve is having an effect not only in the U.S. but also other countries," said Jackson.
"In Pennsylvania, 96% of manufactured tonnage is transported by truck. Diesel costs are going into the prices of everything you find on the shelves. Eighty-eight percent of communities in Pennsylvania rely exclusively on trucks to transport their goods," said Rebecca Oyler, the president and CEO of the Pennsylvania Motor Truck Association.On Tuesday, Delta announced a fare increase of $15 to $20 each way in the second quarter to make up for rising fuel costs.
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