May 21, 2012
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Reporter: Kim Eiten Email

Gas Prices Still on the Rise

With gas prices soaring, filling up comes with a big price tag.

"It costs about $80 a week to fill that up," driver Ed Vredenburgh said about his vehicle.

Experts say they don't know where the upward trend ends.

"Some analysts are projecting that prices of gasoline could top out at over $5 a gallon this summer," Hastings College Associate Professor of Economics Douglas Kinnear said. "More demand for gas means higher prices worldwide."

Even though that demand is dropping in the U.S., it's going up in countries like India and China.

But that's not the only factor driving gas figures.

Kinnear said a conflict in the Middle East also has those numbers soaring.

"Anything that restricts the supply or increases the demand in one part of the world is going to raise prices for all of us," he said.

And, with gas at an all time high for the month of February, those price bumps at the pump have drivers cutting back elsewhere.

For Vredenburgh, that means sacrificing a vacation.

"I'm actually thinking about next month going to Arkansas on a fishing trip. But, now I have to think. I go down by myself. I have gas for the Tahoe. I have gas for the boat. Do I really want to spend the extra money to go?" he said.

Prices are $0.33 per gallon more than this time last year.

But, Kinnear says when warmer weather rolls around and more people hit the roads, drivers could see even higher numbers.

"They may bounce around a bit, but the trend is going to be upward. We may look back and say that four dollars per gallon of gas seemed cheap, at some point," he said.


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