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Reason Behind Quickly Rising Gas Prices

Prices at the pump are staggering. In just the last 24 hours they've shot up a nickel a gallon locally, 75 cents higher than last year on average.

Why so high so fast?

According AAA's fuel gauge report, gas prices once again set record highs Tuesday. The national average at $2.52 for a gallon of regular gas. That's about 20 cents more per gallon than last month!

Don Gates says, "It starts to hurt a little bit as we go down the road, possibly there might be some light at the end of the tunnel."

Many of you are so fed up, you've called and asked us what's the deal with the local prices going up so high and so fast? We asked Jim Smith with the Florida Petroleum Marketers and Convenience Store Association to explain.

Jim Smith says, "Hey, don't have any control, they don't own the crude oil, they don't have any refineries, they don't own any ships, so they're at the mercy of the oil companies."

Smith says the local gas station owner is struggling just as much as you are.

Jim says, “What the retailers did was act responsibly; they blended what they already had in the tank with what the new costs was coming and raised their prices accordingly."

Smith says he expects to see prices go down somewhat when the summer driving season comes to a close. Till then he says your local gas station owner will feel the pinch right along with you.

Jim Smith says none of the subpoenas issued for price gouging during and after Hurricane Dennis have been substantiated.


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