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Gas prices head toward $4 a gallon
RELATED: Find the cheapest area gas
Tuesday, May 13, 2008
HAMILTON — It may not be long before a gallon of gas will cost $4. Many Butler County gas stations raised prices to $3.95 a gallon Tuesday, May 13.
Oil experts have been predicting for weeks that motorists would be confronted with $4 a gallon before Memorial day.
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Gas prices soared to $3.97 at a BP Gas Station on the west side of Hamilton Tuesday May 13. "It's getting to the point where we're going to have to make a decision," said Helen Brown of Fairfield about her summer vacation plans. "Do we drive and spend an arm and a leg or do stay home and enjoy ourselves in tropical Fairfield?"
In West Chester Twp., cars were lined up at the United Dairy Farmers on Cincinnati-Dayton Road for $3.77 a gallon. Some cars were still parked on the street.
Nationally, the average price for a gallon of gasoline rose past $3.70 Sunday, while diesel was selling for an average of $4.33 a gallon, according to AAA and the Oil Price Information Service.
Tom Tuft of Hamilton said he wasn't surprised by the new price for gasoline.
"It's only going to stop when we stop using it," said Tuft as he filled up at the BP gas station on Ohio 4 in Hamilton for $3.95 a gallon gasoline.
Industry watchers say the rising cost of gasoline is primarily due to the skyrocketing cost of crude oil, which briefly spiked to a new record above $126 a barrel Monday, May 12, twice what it was a year ago, then dropped to around $124 later in the day.
Crude oil accounts for roughly 74 cents of every dollar consumers pay at the pump for gasoline, according to the federal Energy Information Administration.
