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Gas Prices: When will the increases stop?

Posted: Feb 19, 2013 7:23 PM by Adam Bell
Updated: Feb 20, 2013 7:33 AM

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BOZEMAN - It looks like the under $3 dollar a gallon gas days are over.

Prices have gone from an average of $2.96 to $3.09 in our area in Montana in just the last few weeks. In just the last week, gas is up a little over 8 cents a gallon with an average of $3.16 on Monday.

Prices are about 17 cents a gallon higher than a month ago. Senior Petroleum Analyst Patrick DeHann says it's likely to continue with double-digit increases in wholesale prices and fuel production tightening at refineries.

"What I surmise is that speculators are flooding the market again and that's putting upward pressure on gasoline prices," says DeHann.

Gas Buddy's survey shows the national average has gone up almost 12 cents in the last week to $3.68 a gallon. Los Angeles is at $4.28 a gallon which is up 55 cents a gallon in the past month. Chicago and New York City are both up about 64 cents a gallon over the same period.

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