User uShare Login | Register
Login
Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.


29° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options

RADAR LOCATION

TEMPERATURE LOCATION

News

[0] My Saved Articles
Back to all news

Business

Find local businesses
on the KELO Pages!

 

Gas Price Increase Not Expected To Last

February 1, 2012, 10:05 PM by Peggy Moyer

Gas Price Increase Not Expected To Last
SIOUX FALLS, SD - Gas prices are on the rise again. On average, people in KELOLAND are paying a dime more per gallon than just a month ago.

Industry analysts predicted gas prices would fluctuate in 2012 and we're starting to see that happen. The average price in Sioux Falls is running at $3.29 a gallon.

"The economy isn't good, but people need gas to get to where they need to go, to get to work, so you have to pay. You have no choice unless you want to ride the bus or take a bike," Sioux Falls resident Cyndy Sterud said.

Mark Madeja with AAA Insurance says prices are up because refineries are starting to scale back production. With demand decreasing, most of us would expect prices to go down.

"At the end of the day, oil companies have to report to their boards of directors and shareholders and this is one of those unique situations where we absolutely don't like it because the person who is paying at the pump is not nearly as important as the bottom line profit margin," AAA spokesman Mark Madeja said.

Experts say the price of gas could fluctuate 25 to 40 cents per gallon, topping out at $3.50, but he also says that's anybody's guess.

"It can be bull one day. It can be bear the next. It's just a crazy thing to try to follow," Madeja said.

While Wednesday's prices are 20 cents higher than those a year ago, not everyone in KELOLAND is complaining.

"Everything is cheaper in the Midwest, food, gas, clothes, everything. You go to California, you won't complain about gas," Los Angeles native Mitchell Wynder said.

Madeja says analysts don't believe price spikes this year will be too serious or last too long.

Previous Story

Next Story


Comments







Sponsored
Find Local Businesses on KELO Pages!

View business

You may also like

Auto Dealer Chain To Pay Fine For Deceptive Ads

12/12/2014 11:41 AM

A family-owned chain of automobile dealerships located in Iowa, Montana and South Dakota will pay a $360,000 civil penalty for running deceptive ads.

Full Story
National Attention For Sioux Falls Bakery

12/15/2014 9:56 AM

A Sioux Falls bakery is getting more national recognition.  CH Patisserie has been named one of the top 75 bakeries in the nation by The Daily Me...

Full Story
Cliff Hangers Gallery Closes; Customers Want Items Back

12/15/2014 10:10 PM

For more than two decades, Cliff Hangers Gallery has been a fixture in Sioux Falls.  A couple of years ago, the business moved from Park Ridge Ga...

Full Story | Watch
What Will Cost More/Less In 2015

12/16/2014 1:36 PM

Industry experts say gasoline prices will continue to fall in 2015, but other prices are expected to rise.

Full Story
Denny Sanford To Donate $25 Million For Scholarship Program

12/16/2014 4:30 PM

Philanthropist T. Denny Sanford is donating $25 million to South Dakota for a scholarship program for the state's technical schools.&nbs...

Full Story


Events