20 cent jump in gas prices overnight - WDRB 41 Louisville News

20 cent jump in gas prices overnight

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LOUISVILLE, KY. (WDRB) -- Gas prices jumped 20 cents overnight at some Louisville gas stations.

Gas in the Louisville area averages $3.65 a gallon, which is still lower than the national average of $3.67.

AAA says rising prices have been driven by dwindling gasoline supplies, along with refinery shutdowns and maintenance.

Thorntons says costs are going up and retail prices haven't been keeping pace with wholesale costs. So with the price jump, it's closer to the cost of the products. Thorntons says gas prices now are still about 40 cents cheaper than they were in mid April.

Roger Boyd with AAA tells WDRB News, "I can only say that historically we see this type of bump as we near major travel holidays and that members of AAA who are calling are blaming it on that."

He also pointed us to a link indicating that oil is near a seven-month low of $91.50.  Here's that link: http://www.businessweek.com/ap/2012-05/D9UTS6M03.htm

For Memorial Day weekend, AAA estimates nearly 35 million Americans will travel 50 miles or more from home.  But it says these gas prices are welcome relief, because there was speculation that gas would be $4 a gallon or more this summer.

A Purdue University economist is predicting that gasoline prices likely won't top 4 dollars a gallon in Indiana during the summer travel season, as long as there's no new turmoil in the Middle East or heightened tensions with Iran.

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