Gas Prices Driven Up a Dime
By Jim Carroll, Erie Times-News, Pa.
Mar. 28–Drivers who thought falling oil prices would bring some relief at the pumps got a strong dose of disappointment Thursday.
Gas prices jumped by about 10 cents a gallon at most area stations, sending pump prices to the $3.39-to-$3.41-a-gallon range — the highest prices the Erie region has ever seen.
“I’ve never paid prices like these,” said Russ Boyd, a retiree from Guys Mills who rang up a bill of $13.67 just filling the gas can for his lawn mower.
And Boyd braced for more as he put the pump nozzle to the gas tank of his Ford F-150 pickup.
“I can remember when gas was 27.9 cents and ethyl was 2 cents a gallon more,” Boyd said. “Remember ethyl? That was back in the ’50s.”
The record-high average gas price in Erie is $3.374 a gallon, reached on March 18, according to AAA. Average prices in the Erie region stood at $3.317 a gallon early Thursday.
Crude oil futures hit record highs last week, approaching $112 a barrel before falling back to just over $101. But then oil prices rebounded, jumping more than $4 a barrel on Wednesday and climbing back above $107 a barrel Thursday.
Pump prices in the Erie region fell about 5 cents a gallon on Friday.
Drivers at the pumps of a Meadville Sheetz station said they were not surprised by Thursday’s bounce in pump prices.
“I don’t like it, but I’m not surprised,” said Bill Lynn, a Meadville tool and die shop owner as he pumped $53.85 of gas into the tank of his Ford 500.
Lynn said he expected the hike when he saw oil prices headed back up, so he knew what was in store. “It’s greed. It’s all greed,” he said.
“Surprised? No. I’m not surprised,” Boyd said. “Not when you consider how weak the dollar is and how much gas China and India are using.”
Experts said oil prices jumped this week as fuel inventories were reported lower than expected and after the bombing of an Iraqi oil pipeline gave oil markets the jitters.
Federal energy analysts have forecast that the monthly average gasoline price is projected to peak at just under $3.50 per gallon this spring, but that localized spikes could push pump prices to $4 a gallon in some areas.
Lynn has heard that number, too. “I don’t know how high prices will get. I heard people say $4 gallon. I hope it doesn’t get to that.”
The Associated Press contributed to this report.
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