• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Gas Prices Jump 8 Cents on Thursday

Posted on: Friday, 31 March 2006, 09:00 CST

By Marv Balousek, The Wisconsin State Journal

Mar. 31--Area gas prices jumped 8 cents Thursday to $2.65 a gallon for regular at many stations.

A Mobil station at 2956 Fish Hatchery Road in Fitchburg was among the first to boost prices in the morning, but other stations followed by late afternoon, according to MadisonGasPrices.com, where drivers report area prices. A few stations were holding at $2.57 a gallon.

Average Madison prices for regular were $2.34 per gallon a month ago and $2.18 a year ago.

Pam Moen of AAA Wisconsin said motorists shouldn't expect gas prices to moderate before the summer driving season begins Memorial Day, when prices traditionally go up.

"There's no way to know for sure, but I certainly wouldn't plan on that," she said.

Several factors are blamed for the price increase.

In the Midwest, Moen said, suppliers are switching from winter to summer fuels, which could mean that less inventory is available.

She said demand hasn't gone down while crude oil prices have risen due to tight inventories and world events in oil- producing countries like the struggle over Iran's nuclear program and unrest in Nigeria.

Moen said it's too early to tell whether higher gas prices will affect recreational travel this summer.

"We're at a key juncture in terms of consumers speaking with their habits to their level of confidence in the nation's economy," Moen said. "Lots of people in the industry are watching to see if consumers take off robustly for the travel season."

-----

Copyright (c) 2006, The Wisconsin State Journal

Distributed by Knight Ridder/Tribune Business News.

For information on republishing this content, contact us at (800) 661-2511 (U.S.), (213) 237-4914 (worldwide), fax (213) 237-6515, or e-mail reprints@krtinfo.com.

Source: The Wisconsin State Journal

More News in this Category