Gas Prices Edging Up
After coming down by more than ten cents over the past month, gasoline prices are creeping back up again.
Thursday, July 6, 2006
Officials with Triple A say there are several reasons for the increase of about a penny every few days.
Jeffrey Spring with Triple A says, for one, wholesale gasoline investors are afraid there will be a supply shortage caused by bad weather that could shut down refineries on the East Coast:
The margin between demand and supply is very thin. This is hurricane season – might be some hurricanes that would cause disruptions in the East.
The holiday travel week has also increased demand for gas and that has caused prices to edge up. And the political situation in Iran has also caused jitters among investors contributing to price increases.
Officials with Triple A won’t predict where gas prices will head next. They say the situation is too volatile.