UPDATED: HAPPY NEW YEAR - Gasoline Prices Continuing To Rise, Summer Price Could Top $4 A Gallon

(12/30/2010)

As 2010 comes to an end, gas stations around West Virginia are reporting a continued increase in gasoline prices. The second increase within weeks appears to be about 10 cents on the gallon. A check with West Virginia stations indicate the price is up to $3.15 to $3.19 a gallon, well above the latest national average of $3.05. The price per gallon is up over 50 cents from a year ago. There is no shortage. Oil consumption is down, with the purchase of gasoline flat in the USA. Refineries are operating well below capacity. Oil prices are hitting $91 a barrel. Speculators say it is the free market in action, and gasoline prices could reach $4 a gallon by summer.

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