Pump Prices Push Higher As Crude Oil Rises 2-23-2011 - WNEM TV 5

Pump Prices Push Higher As Crude Oil Rises 2-23-2011

After topping $100 for the first time since 2008, crude oil prices have backed off a bit, but they still closed at $98 per barrel on Wednesday.
That's having a direct impact on how much Mid-Michiganders are paying at the pump.
A gallon of gas is going for between $3.34 and $3.45 right now in areas across the region. And if you're like the rest of us, those prices are cutting into an already tight budget.


With tensions rising and the situation getting worse in the Middle East, this could be just the beginning.
TV5 caught up with a delivery man from Detroit who has two gas tanks on his truck. Topping off his tanks cost him more than $95. Motorists are frustrated and want answers as to why gas sits at $3.40 in our region.
Experts say it's all because of the unrest in Libya, and fears continue to grow that dictator Muammar Gaddafi will sabotage oilfields and pipelines if he’s thrown out of office, creating even higher gas prices and oil scarcity.
TV5 found some people in Mid-Michigan aren't sure that's the only reason.
"It's all about greed in the state of the economy nationwide,” said motorist Vicki Douglas. “It's a stab in the back."
Drivers don't understand how the price for oil continues to climb along with oil companies profits while people continue to battle with job loss in this economy. People like Kenny Seaglund, an independent contractor. He says work is slow and he's pumping most of the money he makes back into his gas tank.
"As bad as the economy is, how are the CEOs getting all the breaks and the little guy seems to suffer the most?" asked Seaglund.
The situation in Libya and the rest of the Middle East is also having an impact on Wall Street. In the last two days, the Dow Jones Industrial Average has shed more than 300 points.

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