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Bloomington-Normal, Illinois
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| MoneyThursday, April 12, 2007 4:54 PM CDT |
Gas prices jump in Twin Cities
BLOOMINGTON -- Gas prices are creeping closer to $3 a gallon in the Twin Cities. Unleaded jumped from $2.69 a gallon to $2.89 at some Twin City stations Thursday afternoon. Prices also jumped to $2.85 a gallon late last week, before falling down a few days later. “We think that we’re seeing the highs of it now,” said Beth Mosher of AAA-Chicago Motor Club, which tracks statewide gas prices. “Not that prices won’t go up more, but we typically see prices go up in the spring and then come back down.” Prices generally increase this time of year as refiners start producing more expensive summer blends of gaso-line to cut emissions, she said. Some refiners also perform general maintenance of their facilities during the spring, which slows output. Gasoline first topped $3 a gallon after Hurricane Katrina disrupted Gulf Coast oil refineries in 2005. It hit the $3 mark again in mid-summer 2005 and appears headed in that direction again. With the summer driving season just around the corner, people continue to travel despite unseasonably cold weather. Gasoline consumption is 2.5 percent higher than it was last year at this time, according to a report re-leased Wednesday by the Energy Information Administration in Washington D.C. That demand is leading to steady increases at the pump, as the average cost of a gallon of gasoline in the U.S. has risen for 10 consecutive weeks, the agency reported. At an average of $2.80 per gallon at the end of last week, gas is nearly 12 cents more expensive than it was at this time last year. Prices were also up in Peoria, Champaign-Urbana, Springfield and other Central Illinois towns, according to motorists who report gasoline prices at www.illinoisgasprices.com. |
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