Gas

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Tuesday, December 28, 2010 - 9:32am

Gas prices are already at an all-time high for the year. Could they go even higher?

Nearly every car on the road runs on gasoline and when gas prices go up we pay the price.

But prices are climbing across the country, during the month which usually sees some of the lowest prices of the year.

Charles Langley of UCAN says "it's sort of like, as far as movement, there hasn't been much of a pulse. We're been around $3.07 a gallon all year long and suddenly in November we saw incredible movement upward."

And it's not just your budget at home it also hurts our economy. Economists say that for every 10 cents that gas prices go up, that's $7 million out of our local economy every month.

Charles Langley says "we run on an oil based economy so when oil starts to go above $90 a barrel it has a very long term effect on the U.S. economy, in fact the global economy."

So predictions for 2011 run from $4 and $5 a gallon to prices actually falling toward the first of the year. In the mean time, drivers pay the prices at home and at the pump.

 

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