Wednesday, May 13, 2009

Gas prices take another jump

Fuel prices spiked as high as $2.50 a gallon yesterday at many area gas stations, the second jump to hit Kentucky and Indiana in a week.

Prices increased early last week from an average of around $2 per gallon to about $2.30.

Rising pump prices are the norm for May as U.S. refiners switch to more expensive blends of gasoline that are required to meet state and federal clean air requirements.

There are also refineries still operating at reduced levels because of annual maintenance, said Tom Kloza, publisher and chief oil analyst at Oil Price Information Service.

Optimism over an economic recovery, or at least the belief that things may not get worse, have pushed energy prices higher with some expecting a rebound in demand.

Energy prices eased yesterday as investors appeared to second-guess the recent surge.
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