May 19, 2013

Weather

Fair

67°
Conditions at South Bend Regional Airport, IN
Save Email Print Bookmark and Share
A A

Gas Prices Continue To Pinch Consumers’ Wallets

Video will be available shortly.

Drivers continue to feel the pinch at the pump as prices continue to rise.

As it turns out, there are several things pumping up the price.

Here in Michiana prices are around the $2.60 mark.

In the past two weeks, prices are up as much as 20-cents a gallon in some places.

Experts claim it is because of supply and demand.

The recent cold snap increased demand for petroleum while supplies tightened sending prices up.

Every dollar increase in a barrel of crude translates to about two and a half cents at the pump.

Also, problems at the nation's refineries are driving prices up this year.

Jeff Lenard, director of communications for NACS stated, "The refining capacity in this country is quite strained. We haven't had a new refinery built since ford was president."

There is a bit of hope; expert say prices are not expected to get as high as they did last summer.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus