Just when you thought gas couldn't get any higher - News, Weather, Sports, Toledo, OH

Just when you thought gas couldn't get any higher

Gasoline consumption in the U.S. is actually declining. High oil inventories are on hand. Production and use of lower cost ethanol has increased significantly, but oil and gas prices are at record levels. Gasoline consumption in the U.S. is actually declining. High oil inventories are on hand. Production and use of lower cost ethanol has increased significantly, but oil and gas prices are at record levels.

Prices at the pump are likely to keep going up. That's the word Wednesday from the Consumer Federation of America.

Right now, prices in our area are hovering around $3.23 a gallon.

News 11's Brad Harvey has details on the study released today. 

While gasoline consumption is down, the market continues to drive up prices. The report points to the increase in crude prices and reduced oil refinery runs as the reason for the hike.

The organization believes prices could increase as much as 75 cents per gallon before the Memorial Day weekend.

The study is calling for lawmakers to take action to help keep prices down.

Ravis Plunkett of the Consumer Federation of America says, "Gasoline consumption in the U.S. is actually declining. High oil inventories are on hand. Production and use of lower cost ethanol has increased significantly, but oil and gas prices are at record levels. Why can't consumers catch a break?"

Study leaders say this Spring will be a key for gas prices as we shift from winter fuels to summer fuels. Over the past few years, when that happens.... the price jumps.

Posted by LS

 

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