Gas Prices Rise Again
February 23, 2011, 10:03 PM
SIOUX FALLS, SD -
You may have noticed another spike at the gas pump. At many stations prices jumped a dime since yesterday, and that has many people wondering why.
Signs of the unstable market can be seen on gas station signs across Sioux Falls.
"Don't got much choice, gotta drive this time of year," a consumer said.
Prices for regular unleaded range from 3.24 to 3.34 a gallon, to not even listed yet.
"I wish it was lower," a consumer said.
"The whole thing is all about the middle east. Right now it started with Egypt. Bottom line there's a lot of unrest right now and nobody really knows how the whole thing is going to play out," Mark Madeja said.
That unrest pushed crude oil to $97 a barrel. Much of the increase is based on speculation and trade.
"Even if it's not our product, we don't get much of oil out of Libya, that goes to Europe, but since it's traded globally everything affects everything, and that's part of the frustration," Madeja said.
While there is a lot of volatility in the oil market right now, Madeja isn't convinced prices should be this high right now, at least in South Dakota.
"I was a little shocked to see prices go this high, this soon," Madeja said.
But, that won't be the case for long.
"We will see a leveling off once everybody has purchased product, it's in the tanks, we should see the same prices, we might not like it but it should be level," Madeja said.
Leaving drivers to wait for prices to drop, or temperatures to rise.
"Pretty soon I'll be able to ride my scooter and then it will be much cheaper," consumer said.
The average gallon of gas in South Dakota is around $3.20.
Madeja says the quick spike may also have to do with knee jerk reaction from markets being closed for a long holiday weekend. As for what the future holds, Madeja says it’s anyone’s guess at this time.
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