Gas Prices Could Increase up to $3.00 A Gallon

By Maureen Mespell

Gas Prices Could Increase up to $3.00 A Gallon

November 4, 2010 Updated Nov 5, 2010 at 2:32 PM EST

FORT WAYNE, Ind. (Indiana's NewsCenter) -According to GasBuddy.com, Midwest gas prices may climb up to over $3 dollars a gallon in the next 48 hours due to a small fire at a Chicago refinery and the Federal Reserve decision to inject $600 billion into the U.S. economy, driving down the value of the dollar.

While some gas stations may elect to absorb the extra cost to avoid the psychological $3 mark, it's likely that a majority of stations will pass the increase on to customers. The increase, if it happens, will be the highest in nearly 25 months.

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