Friday, April 18, 2008

Pain at the pump

Gas prices continue to soar

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By JON DUVAL
Express Staff Writer

Cindy Bunce watches the numbers climb as she fills the tank Albertsons in Hailey on Wednesday.

After stating two months ago that gas prices were expected to dip in the near future, AAA Idaho is now singing a different tune.

"Oil continues to trade high due to the weak dollar, and the market's response to wholesale gasoline futures today suggests that pump prices are likely to top $3.50 a gallon in May," AAA Idaho spokesman Dave Carlson said in a press release on Tuesday, April 15.

Based on AAA's "Daily Fuel Gauge Report," the U.S. and Idaho average prices set new record marks as of Thursday morning, at $3.418 and $3.384 per gallon of regular, respectively.

According to the report, the national average has seen a 10-cent increase over the last two weeks, with Idaho's average up 7 cents during the same period. This marks more than a 50-cent increase for both averages from the previous year.

The skyrocketing prices are attributed to the record-setting cost of oil, which has reached $115 per barrel, helped by shipping problems in Mexico and production problems in Nigeria. Though AAA stated that U.S. oil inventories are relatively healthy, the aforementioned countries are major suppliers to refineries in the United States, and the rest of the world market is tight.

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Residents of the Wood River Valley shouldn't expect a different trend, as pump prices continue to advance ahead of the state average, with the majority of stations charging around $3.599 per gallon of regular gasoline.