Gas Prices On The Rise... - KCBD NewsChannel 11 Lubbock

5/24/08

Gas Prices On The Rise...

The ever growing gas prices are, for the most part, governed by the price of crude oil. And one expert our sister station in Louisville, talked to this week says, nickel and dime shocks in price can only be expected as the price of crude continues to go up daily.

"I need to cut back more on other things," one Lubbockite said.

"Everyone has to take the most economic footing these days," said another.

Drivers and riders around Lubbock are all feeling the pain at the pump as gas prices continue to rise.

"This is ridiculous man.. I mean every other day I've been putting 20 dollars in," said Edgar Canono.

But it's not just holiday demand gas experts blame for future shocks in prices and here's why.

In May of 2007 the average price of a gallon of gas was $3.20. This month the average price jumped 60 cents to $3.80 a gallon. But the price of crude oil was a different story from last year to this one. In May of 2007 a barrel of crude was $65. A year later it's more than doubled to an average of $135. So while oil doubled, gas only went up 20%. And that's because refineries have been pinching pennies and profits to keep the price low. But experts believe those days will soon be over.

"You will see a point where it will be dime for dime and nickel for nickel. An increase in crude will equal an increase in the gas price...because you can't shrink that spread any more," said national gas expert DrewWasniak.

In fact Wasniak predicts when the price of crude hits $200 per barrel - and he says that may only be months, not years but months away - the price at the pump will be a staggering 6 dollars! 

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