Gas Is Up To $3.49

Tuesday, February 21, 2012 at 6:29 AM

(Lawrenceburg, Ind.) – Local gas prices are on the way up, setting the stage for possible $4.00 a gallon gas by the summer.

Indianapolis commodities broker Lannie Cohen says prices are at an eleven-month high. Prices could shoot up further if anything goes wrong in the Middle East.

“It’s really a supply-based rally. Everybody is worried about future supplies,” Cohen said.

Tri-state residents may want to take interest in how occurrences across the globe could cause a major crunch at the hometown pump.

Indiana Petroleum Marketers and Convenience Store Association leader Scott Imus, however, lays the blame elsewhere. He speculates future traders at responsible for the increase in prices.

“If we were still using (supply) as the sole yard stick, we would be much lower than we are today,” said Imus.

Imus added retailers are only making about eight-cents a gallon in Indiana compared to about 20 cents on average around the nation.

According to price tracking website GasBuddy.com, the average price for a gallon of regular unleaded in the tri-state is at $3.47 as of Tuesday morning.

The current price is the highest fuel has been locally since January 16.

Tuesday’s average price is about 40 cents higher than it was the same day a year ago.

Most stations in Dearborn County and Harrison, Ohio were posting $3.49 a gallon. The cost was slightly cheaper in Hebron and Florence, Kentucky where many stations were charging $3.45.