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02/07/2012 07:17 AM

Gas prices continue to climb

By: Brad Vivacqua

If you drive in Central New York, you've probably noticed gas prices have gone up significantly in the past month. This morning, the average price of gas per gallon in the Syracuse area is $3.72. Our Brad Vivacqua looks at what we can expect over the next few months.


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ONONDAGA COUNTY, N.Y. – We are paying an average of $3.72 per gallon in Central New York this morning. That price is 18 cents higher than the price at the pump just one month ago, and 43 cents more than what we paid last year.

SU Economics Professor Don Dutchowsky says prices didn't rise much at the end of 2011 when the cost of crude oil went up. Therefore, he says, retailers are now paying more and are being forced to raise their prices.

Dutchowsky agrees with many experts that there's a possibility gas prices will reach $4 a gallon by spring, but he doesn't feel prices will climb much more than that.

"Absent any new developments in the Middle East, or any types of instabilities, I just don't see the fundamentals having major continued gas price increases. Perhaps even a little bit of decreasing, if the price of crude oil starts nudging down," said Don Dutchowsky, SU Economics Professor.

The national average for the price of gas is right around $3.50.