Station Says Employee Mispriced Gas At $3.75 2-24-2011 - WNEM TV 5

Station Says Employee Mispriced Gas At $3.75 2-24-2011

Gas prices appeared to be on the rise again in Bay City Thursday morning, but evidently it was a mistake.
The Speedway on Broadway Street on Bay City’s south side was showing $3.75 per gallon on its electronic sign for nearly 20 minutes.
When TV5 contacted the station, it said an employee had made a mistake when pricing the gas and that the sign should have read $3.35.
Either way, many area drivers said they are planning to modify their budget to pay for gasoline. Earlier this week, gasoline was being sold at $3.09 a gallon before jumping to $3.40 across much of Mid-Michigan.
Oil prices rose again Thursday as the rebellion in Libya appeared to have shut down even more oil production than previously estimated.
Italy's Eni, the largest oil producer in Libya, said the violent uprising has taken 1.2 million barrels per day off the market. Previous estimates said about 1 million barrels were offline since protests began. Most of that oil is exported to Europe, but it will push prices up everywhere by increasing competition for similar varieties of higher-quality crude used to make gasoline and jet fuel.
Oil prices are climbing even though the world's largest oil consumer, the U.S., has large supplies of both oil and gasoline. The Energy Information Administration is expected to report later Thursday that oil supplies in the U.S. grew last week by 1.4 million barrels and gasoline supplies added 950,000 barrels, according to Platts, the energy information arm of McGraw-Hill Cos.
"It doesn't matter what the supply is here," analyst and trader Stephen Schork said. "America is in competition with Europe and Asia and everywhere else for oil. And when there's a shortage somewhere, it pushes prices everywhere else."
Retail gasoline prices added more than 2 cents Thursday, at a new national average of $3.228 per gallon, according to AAA/
The cheapest gas could be found in Wyoming, which had an average of $2.998 per gallon.
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