Local

Gas Prices Rising And It Will Get Worse — But By How Much?

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(credit: CBS) Liz Collin
At 15 years old, Liz Collin made her broadcast debut covering...
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By Liz Collin, WCCO-TV

MINNEAPOLIS (WCCO) — Drivers likely noticed it on their way home from work Thursday night. Gas jumped to $3.49 a gallon all over the Twin Cities. Just Wednesday, a gallon of regular unleaded cost $3.29.

WCCO-TV broke the bad news to a few people filling up at gas stations and showed them just how much more they’re shelling out since last year.

One driver is paying $7.32 more a week right now. Another driver is paying $12 more.

Unfortunately, David Vang, a finance professor at the University of St. Thomas, doesn’t think $4 is far off. He thinks it’s possible this summer.

Vang says it has the most to do with the Middle East as the unrest that started in Egypt rolls into Libya.

Even though the U.S. doesn’t get much oil from there other countries do, oil prices are on a global scale. Problems with production anywhere hurt our wallets.

It’s not just drivers feeling it. On Thursday, some airlines hiked prices by $20 to offset fuel costs.

In a bit of good news, Vang doesn’t believe the price of gas will be enough to threaten a still shaky economy.

“I don’t see something like this really knocking us off track,” Vang said.

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