Gas prices jumped 10 cents per gallon over the weekend as a local superstore posted $2.19 per gallon Monday for the lowest grade of unleaded gasoline in Hope.
Weekend prices loomed around $2.09 for the lower grades, but there is still the possibility of a 15-25 cent jump, according to Vice President of Sales and Distribution for Truman Arnold Industries Tom Knight.
“The rally of crude oil prices we have seen over the last four weeks or so has pretty much been parallel to the rally of the stock market. Historically we see oil prices rally in Spring usually bottoming in January and peaking in April or May, usually led by gasoline on the upside prior to Memorial Day weekend, but typically we peak sometime in April or early May,” Knight said.
Knight said crude oil is currently selling at $68.40 per barrel. Knight said, historically, prices should come off again in June or July.
“We expect to see more gas imports from Europe,” he said. “Gasoline demand has been sluggish so there is a lot more supply out there.”
--Stephanie Harris-Smith, Hope Star
