Price Of Fuel Going Up Again

Tuesday, November 6th 2007, 6:39 am
By: News On 6

If you have not noticed, gasoline prices are going up again. The national average jumped up above $3 a gallon at the pump Monday, though that is still less than the all time high. Motorists in some parts of the U.S. paid as much as $3.22 a gallon last May. Drivers in the Tulsa area are getting a bit of a break, with the price at $2.89 a gallon of unleaded. That price is still quite a jump from what motorists were paying a couple of weeks ago.

According to AAA, the national average has jumped almost 25-cents in three weeks. The spike may seem sudden, but experts say the price of gas is finally catching up with soaring crude prices.

Rising crude oil prices are being blamed on turmoil in oil-producing countries and OPEC keeping a tight grip on supply.

Experts say it may be a while before drivers get a break.

"Remember the good old days when you were paying $2.70 a gallon. Those are the good old days. $3 a gallon is here and it's probably gonna stick around for awhile," says Phil Flynn with Alaron Trading.

Analysts expect oil to break the $100 a barrel mark in the coming months, and that would take gas up near $4 a gallon by next summer.

With oil prices above $96 dollars a barrel, the state of Oklahoma says its budget for the state’s road and bridge maintenance program is taking a big hit. State transportation officials say higher prices for fuel and asphalt are forcing taxpayers to pay millions of dollars more to fix crumbling highways. In fact, they say projects completed just 2 or 3 years ago would cost more than 50% more if they were done today.

Officials say no new projects will be placed on the state's 8-year construction work plan for roads and bridges for now.