What's the reason for spike in gas prices? - FOX13 News, WHBQ FOX 13

What's the reason for spike in gas prices?

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MEMPHIS, Tenn. (FOX13) -

AAA calls it the biggest jump in gas prices in five years.

With gas prices going up 50-cents in the last month, analysts blame a number of factors from unrest in the Middle East to a building boom in China.

So what's the real reason?

Simply put most folks say the spike in gas prices going up is for one reason. Pure greed.

FIND CHEAPEST GAS IN MID-SOUTH VIA MYFOXMEMPHIS GAS TRACKER

The highest gas prices in the Mid-South on Feb. 19 are in Arkansas at about $3.62 a gallon for regular unleaded, followed by $3.59 a gallon in Mississippi and $3.58 on average in Tennessee.

"Just trying to get more money out of us, and you know it's poor folks out there that are barely making it by," said one motorist.
 
"That's awful high here. It's normally not this high here, but it's awful high now," said another motorist.

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Nationally a  gallon of regular gas is at about $3.75, meaning Mid-Southerners are paying below the national average. In Hawaii and California, a gallon of unleaded gas is about $4.25.

"No prices should be that high for gas."

"The steady climb of retail gas prices is likely to continue following double-digit increases in wholesale prices with fuel production tightening in the majority of the country's refineries," said GasBuddy.com Senior Petroleum Analyst Gregg Laskoski. "Los Angeles has climbed to $4.28 per gallon with a 55-cent average price increase in the past month, and that rate was surpassed in Chicago ($4.09 average price) and Detroit ($3.86 per gallon average), where motorists saw 63- and 64-cent respective increases over the same period. New York crossed the $4 threshold too."

Many say that with diesel over $4 a gallon in the tri-state region, we're going to start feeling the increase at the grocery stores because everything you buy there is transported by a diesel driving truckers.

As to where to place the blame for the pain at the pump, most Mid-Southerners FOX13 News talked to said it's the oil companies, and Washington, D.C.

"This is nothing but highway robbery. Everybody knows the lobbyists are in control of what goes on in Congress."

"The government needs to get a regulation on what is going on. It's ridiculous."

As for our options, many Mid-Southern motorist say we have to pay, and they know it.

"Yep, it's white collar crime."
 
"I'll walk or take the bus."

As for when we may see some relief at the gas pump, some analysts say gas prices may fall off again in the spring. But the question is, how high will they get before they fall off again?

MyFOXMemphis.com Gas Tracker: http://www.myfoxmemphis.com/category/241356/gast-tracker

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