Gas price jump

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February 25, 2008

AUGUSTA, Ga.---Motorists are finding they're having to dig deeper to pay for higher gasoline prices.

The Lundberg Survey indicates that nationally, gas prices are up 16 cents in the past two weeks.

However, the price at some Augusta-area stations took an even bigger jump. At one local station, self-serve unleaded regular was selling for $2.89.9 on February 16th. That same gasoline was $3.09.9 on February 23d. That's an increase of 20 cents a gallon in one week.

At the same station, self-serve regular sold for $2.19.9 on February 24, 2007. That's an increase of 90 cents in one year.

Energy experts say gasoline supplies are now at their highest level in 14 years. However, the dramatic climb in the price of crude oil has helped lead to the spike in prices. There was also a refinery fire last week in Big Spring, Texas.

Some analysts say gasoline could reach up to $4 a gallon this spring, but not everyone agrees on that. However, prices may still be high because they're starting at such a high level early in the driving season.

The U.S. Energy Department is predicting prices will peak near $3.40 a gallon this spring.

The Associated Press contributed to this report.

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