|Gas Prices show bump at the pump|
|Sunday, 20 January 2013 15:02|
The wholesale price of gasoline has climbed about eight cents a gallon in the past week. Many motorists in the Rapid City area had been hoping that the price of gasoline would fall below 2.50 a gallon. It came close.
A week ago, unleaded regular was selling for 2.55 a gallon at about half of Rapid City gas stations. And it seemed to be on the way down even further. But that's no longer the case. Most stations are now selling unleaded regular for 2.65 a gallon. And prices in Rapid City are now getting as high as 2:75 a gallon at a couple of places.
Even so, Rapid City has some of the lowest gas prices in the country, along with Wyoming and parts of Colorado, where gas prices have stayed below 2.85 a gallon, even though its nearly four dollars a gallon in the northeast. And of course it always seems close to four dollars a gallon in California.
Unrest in the oil fields of North Africa and the Middle East is once again driving up the price of crude oil. Crude has risen nearly six percent in the past month. Most of that increase has occurred in the past week. And even though consumer demand for gasoline is usually at its lowest in January, the rising price of crude will also drag gasoline prices with it. Throw in some speculation, which has been tearing up the oil markets for the past ten years, and we'll probably see rising gasoline prices through the summer.
Al Van Zee