Consumer Watch: The rise and fall of gas prices

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by Andy Treinen

WHAS11.com

Posted on August 13, 2012 at 5:13 PM

(WHAS11) -- One of the most common questions we get regarding consumer issues is about gas prices. Prices have spiked at the pump in recent weeks and several factors are contributing to those increases.

But the answer to rising gas prices is often speculative at best, and it is never big oil companies answering questions about rising prices.

According to a Lundberg Survey, gas prices have risen 18 cents a gallon over the past two weeks - that's 8 cents higher than a year ago - but still 28 cents lower than in April of this year. Higher crude oil prices, plus several refinery and pipeline problems around the country have combined to drive up prices at the pump.

Additionally, the U.S. drought has pushed up prices for corn-based ethanol.

As of Monday morning, gasbuddy.com listed the average price per gallon for regular unleaded gas at 3.70 in Louisville, that's three cents more than the national average. It's nine cents more than we were paying a week ago, 19 cents more than a month ago, and 25 cents more than we paid a year ago.
 
Even more disturbing than the actual price is the percentage of our income going straight into the tank. Residents of both Indiana and Kentucky are spending nearly 10 percent of every dollar earned on fuel.

If you have a consumer tip you would like us to investigate, send an email to consumerwatch@whas11.com.

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