If you haven’t taken your summer vacation car trip yet, expect to pay more at the pump. We saw another jump at the pump last week and Rose White with AAA Nebraska says gas prices are up because crude oil is once again on the rise.
“A lot of it is due to surging crude oil prices. Crude oil climbed to its highest price for the first time since last May averaging about $10.00 a barrel in the trading market.”
White says gas price is based on supply and demand and oil use is high.
“Gasoline demand being up which topped 9.6-million barrels a day, the highest weekly figure of 2010 and the highest since August of 2007. That certainly had something to do with driving the prices higher in the trading market. July and August are typically the months that Americans drive the most.”
White says gas prices will likely stay higher through the month of August and then we should see a drop.
“As we look ahead to Labor Day, which is typically the end of the summer travel season, we normally see a drop of prices at that time. Once again, we expect that to occur this year unless there is an unforeseen circumstances, like a hurricane in the Gulf Coast but right now it looks like we will be paying a little bit more for fuel prices through the Labor Day holiday period.”
Nebraskans are paying an average of $2.80 a gallon. White says every time crude oil goes up $1.00, we typically see a 2 to 4-cent jump per-gallon at the gas pump.