Monday, February 27, 2012

Just in from Washington

AFBF Economist: Rising Fuel Prices ‘Not a Surprise’

Washington--Some recent reports show average gas prices have climbed to the highest February levels on record, hitting $3.53 per gallon last week. But according to AFBF Chief Economist Bob Young, the rising prices aren’t a big surprise.

“Traditionally, prices dip throughout the winter and then begin to creep up from there,” Young said in a Newsline radio story. “It’s just the nature of the game that as you get into the summer season, people are driving more, you get that upside pressure on prices.”

The Energy Information Agency, which is the Energy Department’s economic unit, recently forecast national gas prices of $3.60 to $3.70 for April through August, according to Young. That’s about the same as last year.

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