Why Twin Cities gas prices are up, and when they will peak - KMSP-TV

GAS PRICES: Why the big February jump? When they will peak

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Twin Cities gas prices have soared in the past month, jumping more than 70 cents to a metro-wide average of nearly $3.80 per gallon. To fill an average 15-gallon gas tank will cost you around $56.

"I make less money every day," said cab driver Antonio Santiago. Very frustrating. We don't know what to do."

FOX 9 GAS GAUGE: See a map and search your address for the lowest gas prices near you at http://www.myfoxtwincities.com/category/233804/gas-gauge

Gas prices are also straining Nick Williams, who needs premium grade for his car.

"I don't let it go below half a tank, so I never have to spend $100 to fill it up," he said.

What seems so frustrating for drivers is the massive spike in just the last month. According to AAA, prices in the Twin Cities metro have shot up more than 70 cents a gallon in the last 30 days.

"It's ridiculous man, that's what it is," said Gornell Williams. "It's crazy."

There hasn't been any dramatic disruption to the fuel supply line that we've heard about, so what's causing the gas price spike?

"We've seen crude oil rise just in the last month from $92 per barrel to $96,"said AAA spokeswoman Gail Weinholzer. "In fact, up as high as $98 just last week."

Weinholzer said the refineries are in their annual conversion to summer grade fuel., which jacks up the price at the pump because of dwindling supplies of winter stock. Throw in a bit of an economic bounce that has more drivers out on the road, and look out.

Weinholzer wouldn't be surprised to see prices jump another nickel or dime in the near term.

"I expect us to peak in March or April just as we typically do," she said.

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