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Issue Date: Vol. 53, No. 3, March 2013, Posted On: 2/12/2013

No Shortage Of Reasons For Sudden Spike In Gas Prices

by Staff Reporter
TAGS: gas prices, gas price increase, vending route, route operator, amusement route, business fleet, vending fleet, AAA

Gas prices edged up sharply in the early part of February, leaving many to wonder if a summer spike is off to an early start. Unfortunately, there is little in the way of good news for route operators feeling the pain at the pump. According to AAA, the auto club, per-gallon gas prices are expected to stay within the $3.60 to $3.80 range through the spring months.

What and who's responsible for this price increase? The usual suspects: OPEC (Organization of the Petroleum Exporting Countries) has cut production by an estimated 1 million barrels a day; Asia's economy is recovering from a slump; fires at American refineries have caused disruptions, along with scheduled shutdowns for maintenance prior to switching to summer gasoline. One-time events, such as Hurricane Sandy, are also causing disruptions in fuel distribution.

Another reason for price spikes, according to energy analysts, is an increase in activity in the commodities markets, which are driving up crude prices on international markets.

However, some analysts are predicting that U.S. summer gas prices will not exceed last year's, which topped out at a $3.94 average.

Topic: Small Business News

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