There They Go Again… $3.95/Gallon

By Max Resnik

May 25, 2011 Updated May 25, 2011 at 5:27 PM EST

FORT WAYNE, Ind. (Indiana’s NewsCenter) – If you got gas this morning you were one of the lucky ones as gas rose 20-40 cents in most parts of the state today.

Entering today, a regular gallon of unleaded gasoline went for $3.65/gallon. By this afternoon, gas rose sharply to $3.95/gallon. The price of crude oil also rose to more than $100/barrel today, and there was also an unspecified issue at the Exxon Mobil facility in Joliet, IL all leading to today’s rise.

Patrick DeHaan, Petroleum Analyst with GasBuddy.com says drivers could see some relief by Memorial Day but it will not be much. He says, “Many stations are going up to $3.95. By later tonight, a majority, if not all stations, will be at that $3.95 level. And then over the next few days, ahead of Memorial Day, we may see prices trickle back down to $3.90, but I still expect that all stations will eventually raise their prices to $3.95 today.”

Is it a trend that drivers will have to deal with all summer?

According to one agricultural economist at Purdue University, gas prices will stay below $4.00/gallon if tensions in the Middle East remain calm, supply of gas can be made and delivered uninterrupted and if weather conditions remain stable. DeHaan concurs.




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