Well, that was short lived. Two weeks ago I wrote on Facebook about being pleasantly surprised by the price of gasoline when I paid $2.98 a gallon at my local BJ's. That may be about as low as gas prices get for a while.
The Lundberg Gas Price Survey reports gas prices have jumped 12 cents a gallon in the last three weeks. A gallon of self-serve regular now costs an average of $3.36. It is the first rise in the survey since October.
Industry analysts suggest that uncertainly in the Middle East, following Iran's threat to choke off the oil supply through the Strait of Hormuz, is the primary factor in the rising price of oil and gas. Another factor is the end of a 31 year old government subsidy on ethanol Gasoline costing $4.00 a gallon by the summer is not out of the question, they say.
With that in mind, I may have to make more use of my bicycle for running errands, even during January.
For gas prices in Hampton Roads, check out the AAA's Fuel Gauge Report.
Link:
Reuters fact sheet on Middle East tensions and effect on oil prices
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