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8:09 a.m. • 2-12-12

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Summer Gas Prices Could Climb Past $3 a Gallon


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Summer Gas Prices Could Climb Past $3  Per Gallon
Summer Gas Prices Could Climb Past $3  Per Gallon
Driver Tom Smith has seen gas prices climb from $2.13 a gallon last week to $2.35 Thursday and $2.45 Friday.

Industry experts say he and other area drivers can expect the price to soar even higher this summer.

“Unfortunately for drivers, I’m just going to say it, we’ll probably see $3 a gallon or more during the summer," economist Mike Walden said. "It’s just the way things are.”

Colder weather and increased worldwide demand are depleting supplies and driving up costs, experts say. If world tensions don’t boil over, if the weather stays relatively calm and if demand levels off, prices could stabilize.

But experts warn not to be too optimistic.

Prices are also expected to increase in a few months when gas stations begin selling pollution-reducing fuel to meet EPA regulations.

“And there is a cost associated with that,” said Bill Weatherspoon with the North Carolina  Petroleum Council. “As we get into that warmer driving season and get into the month of May, we’re going to see environmentally cleaner gasoline available, and it costs a bit more.”

Driving less and shopping around are options, but drivers probably won’t see prices fall, experts say.

As for Smith, he knows he’s not alone in his quest for cheaper gas.

“That’s putting a crunch on everybody right now,” he said.

The highest gas price ever seen in the Triangle was $3.18, which came shortly after Hurricane Katrina.

RELATED TOPICS: Hurricane Season

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If I made the money that exon and shell I would not have to worry about $3 I get my ssn check and I will live some how

"prove your claim"--do the math. Oil is selling well below the $70.00 per barrel witnessed just a couple of months ago; demand is down; with the exception of some isolated areas, we didn't have a winter to speak of--therefore not as much oil was needed for heating fuel. The reformulation of gas to meet EPA standards has not yet come about. By their own admission, the oil companies make most of their money from the trading in oil futures--so again, why is the American public being gouged? What is the explanation of the oil industry for nearly $3.00 per gallon of gasoline.?

shep8851 said... "why would the companies feel the need to increasingly gouge the consuming public on the price per gallon of gasoline?"

Prove that oil companies are 'gouging' the public. Back up your claim.

If, as has been posited by several commentators, the majority of the obscene profits of the oil companies has come from oil futures trading, why would the companies feel the need to increasingly gouge the consuming public on the price per gallon of gasoline? Greed? Near total absence of government action or concern or effort to regulate the industry? We are reminded that the term "profit" is just that-money left over after all the bills are paid--including research and development, exploration, seasonal fuel content adjustments required by the EPA ( now there is yet another government winner!). Could it be that the oil companies have calculated correctly that the consuming public can't do anything about it, and our government won't. So why should they worry?

"INTERCEPT"........... they do!

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