As the world’s oil prices continue to decline, gasoline prices continue to rise. What’s going on?
According to CNN Money, light crude was trading at $102.27 per barrel on Monday, which is down 4.06 percent over the last 30 days. However, gasoline prices are continuing to rise at the pump. They’re hitting $4.55 in Hawaii, compared to the lowest gas prices of $3.51 in Wyoming.
Again, what’s going on?
According to AAA, the average U.S. gas price rose by 1.3 cents to $3.911 a gallon. The gas prices continue to rise while crude oil, of which there is a glut, continues to fall. For example, Monday’s light crude oil prices for May 2012 contracts fell by $2.35 a barrel to reach that price of $100.96. Unleaded gas fell by 0.082 cents a gallon, down 2.45 percent for May contracts, according to CNN Money reports.
Take heart, because Minnesota and the Brainerd lakes area in particular, is among the lowest in the five state area. Brainerd/Baxter pump prices are down from last week’s high of $3.79 to $3.77 a gallon for regular unleaded. The state’s average is $3.78 a gallon, according to Minnesota AAA.
Wisconsin drivers are paying, on average, $3.92 a gallon, Iowans are forking out $3.79 a gallon, North Dakotans are paying $3.86 and South Dakotans $3.82 a gallon.
With a glut of oil worldwide, falling prices and rising gasoline prices, when is the dam going to break? Well, without a war in the Middle East, the price of a gallon of unleaded gasoline should begin to fall, if, and that’s a big if, the world’s political trouble spots remain calm and greedy wholesalers and retailers don’t gouge summer vacationers.