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Price Of Oil Highest In Two Years

December 27, 2010, 6:05 PM by Ben Dunsmoor

Price Of Oil Highest In Two Years
Gas prices are now averaging three dollars a gallon in South Dakota, and those prices could rise even more in the new year.

That's because oil is expected to top $100 dollars a barrel again.

It may be December but the prices at the gas station look more like summer. The high gas prices are nearly 40 cents a gallon more expensive this year than this time last year. 

"Not good at all. I'm not the richest guy out here, so I don't like to hear three dollars a gallon at all," driver Dimitri Brander said.

Right now the price of a barrel of oil is hovering around $90 dollars a barrel, but analysts are predicting that it could hit $100 dollars a barrel in 2011. It's not something drivers are looking forward to. 

"Something you definitely have to put in your budget now days," driver Taylor Haugan said.

"You can't be blowing all your money on gas. It's $59 to fill this up," Brander said.

Prices aren't typically this high in the winter, but an improving economic outlook in countries like India and China could signal a higher demand for oil. The winter weather in the U.S. and Europe are increasing the use of heating oil, which can drain supplies.

But, while drivers don't like to see the price at the pump go up some drivers say they'll have to deal with it because there's not much they can do about it. 

"It's getting back up there. But I don't know, I'm getting by you know? I try not to worry about it too much. There's nothing I can really do about it personally," Haugan said.

Because as the price continues to rise drivers will have to keep pumping.

"Wintertime, nobody likes to spend a bunch of money you know," Brander said.

The price of oil hasn't been this high in nearly two years.

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