Price Jumps At The Pump

Gasoline prices fell nationwide for the ninth day in a row on Tuesday, but here in the Lexington area, it's a different story.

We saw a big jump at the pump. Some stations went up some 25 cents, now at $3.75 a gallon.

A lot of people filling up Tuesday were quite simply shocked by the latest increase. Most we spoke with say they thought their pain at the pump was being relieved, but it appears not to be so.

The reason this is so surprising is that the price of crude oil is actually falling.

In fact, on Tuesday, the cost per barrel of crude for October delivery fell by $2, and the current price of $104 per barrel is the lowest since April.

Usually when the price per barrel goes up, the price at the pump goes up as well.

Crude oil has been falling since it hit a peak of $147 per barrel in July, and since forecasters are expecting Hurricane Ike to steer clear of major oil production, the increase in Lexington really should not be blamed on the current weather situation.

AAA says they expect these higher prices to be short lived in the bluegrass.

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