Gas prices on the rise for 32 straight days
Your wallet may be feeling a little lighter these days because of the ever-increasing gas prices.
“With the price going up, it costs a lot more money because all we do is drive all day,” says Steve Viynos.
His livelihood depends on gas stations. He fixes the pumps.
“We do what’s called ‘hanging hardware,’ which is the hoses and the nozzles,” he says.
But as a small business owner who pays for his own gas, his livelihood is now cutting into his bottom line.
“It costs me anywhere from $50 to $75 a day to operate just on the fuel itself,” says Viynos.
But he’s not alone. For 32 straight days gas prices have increased, leaving motorists concerned and frustrated.
“Sometimes you got to park your vehicle,” says Alphonso Nichols of Maryland. “You just can’t afford it.”
Energy analyst Phil Flynn says, “Having a price run like this in February is almost unheard of. Since we’ve had the run-up earlier this year I’m hopeful that we’ll also see the break earlier this year.”
So what is driving the increase? Flynn says it’s a perfect storm of recovering from Hurricane Sandy on the East Coast, rotational refinery closures that continue after a big refinery fire last year on the West Coast, and the current closure of a major refinery for months of maintenance outside of Chicago.
Typically we don't see a price increase like this until April with a price peak around Memorial Day. But several analysts say they're seeing signs that this run-up may be running of steam and we may have a break in the prices in the next few weeks.