Gas Prices Reach "Record Territory" - Valley News Live - KVLY/KXJB - Fargo/Grand Forks

Gas Prices Reach "Record Territory"

Posted: Updated:

As if you need more reason to stay off the roads lately, the price at the pump is sky rocketing.

The North Dakota state average for a gallon of regular is $3.67. That's 60-cents higher than a month ago.

Starting the year off with a bang, and a blow to your pocket, if you're filling up at least once a week like Mike Eisert, who stopped by a station in South Fargo Monday night.

"They're higher right now and hopefully in the summer when we're driving more, they'll be down," Eisert said.

But Gene LeDoucer, AAA spokesman, says when the weather warms up, prices may not cool down.

"We saw prices just shoot up 60-cents in the last month and we're still three months away from the peak," LeDoucer said.

Typically, that peak comes around Memorial Day.

LeDoucer says the prices are driven up by the prospects of a recovering economy.

"As the economy improves, energy use increases and with that thought there's a lot of speculative investing going into oil and gasoline markets, which is forcing the prices up."

But, speculator's predicted this year's national average to top out at $3.80 a gallon.

Right now, we're only a nickel away.

"I really don't like where we're sitting right now," LeDoucer said.

Locally, those prices sting even more.

AAA averages show North Dakotans spend more of their household income on gas than any other state.

LeDoucer says it could be because drivers living here travel more miles in a day than more densely populated states.

So, three months ahead of pace, this boom may just be getting started.

"You don't like doing it but you have to have it," Eisert said as he capped off his tank, paid his bill and drove away.

AAA shows North Dakotans are spending more than 10% of their income on gas, but the price of gas here is right in the middle of the range of prices around the country.

Powered by WorldNow
Powered by 

WorldNowAll content © Copyright 2000 - 2014 WorldNow and Valley News Live. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.