Gas prices up and could go higher

WEST LAFAYETTE, Ind. (WLFI) - If you have filled up your car recently you have no doubt noticed that gas prices are up.

$2.93 for a gallon of regular is expensive enough for Lafayette resident Jeremiah Adriano.

"Especially with the way the economy is,” said Adriano. “I know they have to make their money, but also you have to take into consideration the middle class people."

Some residents we talked to blamed oil companies for how much they are paying per gallon because the increase is so close to the holidays. Purdue Ag Economist Wally Tyner that is not the case, because Thanksgiving is still a couple weeks away.

"People have not taken off yet so the increased demand is not there," said Tyner.

Tyner says two main factors have contributed to the pump pain we have felt. One, crude oil prices are up. Right now a barrel is selling for $87. The second factor was a strike at an oil refinery in France that had a ripple affect all the way across the Atlantic.

"From Illinois east, prices are up,” Tyner said. “In fact, in the mid-west they are up more than anywhere else in the country."

Not only that, Tyner said prices could inch up even more if oil prices stay the same and as travelers take to the roads this holiday season. That is certainly not music to Jeremiah Adriano's ears.

"You want to start putting money away for the kiddos because Santa Claus is coming and you get three dollars and gallon and it is like, it is always something you know,” said Adriano. “It is always something."

Wally Tyner did tell us he expects oil prices to drop over the next few weeks so we should see cheaper gas in the near future. Tyner added he does not expect to see a significant drop in the price at the pump until the beginning of 2011.