Gas Prices Up Overnight

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Reporter: Dana Brueck
Email Address: dbrueck@nbc15.com

11 comments

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UPDATED Thursday, May 8 --- 8:00am
Posted Wednesday, May 7 --- 6:00pm

Daily Fuel Gauge Report

As of Thursday morning, gasoline is averaging $3.659 in the Madison area. That's up from $3.608 on Wednesday!

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Some fear the price per gallon of regular will hit $4.00 before the end of Summer.

AAA is not yet predicting we'll reach the four-dollar mark. But, at Wednesday's average of $3.60 in Madison, we're far from where we were just a few years ago.

"With gas prices stuck well above $2 a gallon these days... "

Do you remember those days?

(clip from 2004/2005)

"When it was $2.50, $2.70, that was awesome!"

"$2.35. I remember when it was $2.35."

But, back in February of 2005, drivers were complaining!

"We don't make enough money to be driving around this much! $2.50 is a lot of money," one man said.

It seems little has changed...

"Today, it's just out of control."

Drivers still feel pinched at the pump -- except the price nowadays... closer to four dollars, than to two bucks!

"I thought it was just fine back then. Now it's too expensive. Just way too much."

"I remember talking with friends about let's get in the car and just drive... You know let's take a road trip wherever and now, we stick closer to home."

"I think they're really high compared to a couple of years ago."

But how high?

This graph shows the *average, annual* price at the pump through the years. The blue line represents what drivers pay at the pump -- the nominal price. The red line is the price adjusted for inflation. The graph suggests the price at the pump is reaching record levels when adjusted for inflation.

"I'm planning to get a hybrid. I have a long commute for work and it's really kind of taking a toll."

Pam Moen with AAA Wisconsin says investor speculation plus a weak U.S. dollar is fueling the upward climb in prices.

"If you are an oil producing nation, even though you're getting an all time record 123-dollars for your barrel of oil today, it doesn't translate into as much money in your pocket in your currency when the us dollar is weakened."

Whatever reason, she says it's of little comfort to drivers emptying their wallets to fill their tanks.

"And it seems like things are getting quickly, progressively, higher and higher and higher."

AAA says typically prices spike due to supply and demand but the domestic supply of oil is healthy and demand -- down due to higher prices.

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Comments are posted from viewers like you and do not always reflect the views of this station.

Posted by: Lynn Location: Columbus, Ohio on May 13, 2008 at 11:00 AM
I just happened to stumble onto your website, and I have to say right now I wish our prices were $3.77/gallon, we just hit the $3.95-$3.97/gallon, I tell you that $4.00/gallon is a lot closer than we think. This is getting to be too much. Now we have to work just to fill our tanks.

Posted by: kellie on May 11, 2008 at 08:32 AM
Gas is 3.79 here in the Dells. Yeah it is a tourist town but wow that is really getting up there. They say it is because the tourist will pay it but most of the tourist I talk to say they fill up befor they come to WI and it is enough to get them home where they fill up there when they get home.

Posted by: anonymous Location: madison on May 8, 2008 at 02:36 PM
with the price of fuel rising to this extreme, i believe the inflation of the crime rate has just begun and lets face it if you're living in madison the police sure as hell can't solve a crime. So here it is, government causes crime and local police let people get away

Posted by: D Location: Madison on May 8, 2008 at 01:33 PM
This is getting bad, its coming down to the point its robbing the retired of their savings, driving the grocery prices to extremes and probably rx medications are probably next to go up, Its even getting to the point people wont be able to afford even to mow their yards with the gas prices to keep their mowers filled with gasoline

Posted by: T on May 8, 2008 at 12:56 PM
With the high price of gas, our car insurance should be alot less because people are driving alot less. And I don't want to hear some lame excuse because THEIR IS NONE!

Posted by: Anonymous on May 8, 2008 at 12:54 PM
Hey Sarah, I've been wondering about people like you. I'm surprised like cbs, Katie Kurek hasn't done news on people such as yourself already. I can't imagine people people having to make a drive 2-3 hrs. daily just to get to and from work. Sure they have had people taking a bus , subway, but nothing on real commuters.

Posted by: d Location: waunakee on May 8, 2008 at 12:12 PM
it is truly messed up....aren't markets supposed to be based on supply and demand? not speculation by a bunch of freaks that have alot more money than the rest of us? $3.69 gas to them is nothing, except money in their pockets, whilst all of us living paycheck to paycheck get screwed. Stop the SPECULATION!!!

Posted by: Anonymous on May 8, 2008 at 12:04 PM
Sarah-you are so not alone, it's very sad and doesn't look good anytime soon-hang in there

Posted by: amazed Location: dane county on May 8, 2008 at 12:00 PM
We definately drive less in my house because of this. But on the plus side, we've also learned that it's very easy for us to cut back our driving. I know it's not that easy for everyone, so I feel very fortunate of our personal situation. Sure wish we had a good answer to this. All I've heard is that the presidential candidates will fix it. And anyone thinking clearly knows that when the government "fixes" something, the problem only gets worse.

Posted by: Sarah Location: Madison on May 8, 2008 at 10:25 AM
The entire economy needs help! I drive from Lancaster to East Madison every day for work (200miles round trip) I fill up every other day (about $150/week-$600/mo). I have tried to sell my house for the last 2yrs with no success. I already have my house priced below my loan pay-off. I have even tried renting it out, but am unable to even rent it out for half the mortgage payment. If prices go up to $4/$5 I won't be able to cover my expenses and am afraid I will go into forclosure. It is frustrating because I can't make my situation any better. I already have completely cut out trips to see family in other towns to save money.

Posted by: Megan Location: Reedsburg on May 8, 2008 at 08:49 AM
A nickel? Try 12 cents! We're up to $3.69 here! I drive a Corolla, but it still hurts.

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