Historic gas prices; when will they drop? - MSNewsNow.com - Jackson, MS

Historic gas prices; when will they drop?

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 In addition to wrapping up tight to deal with Saturday's frigid temperatures, many of us are also dealing with another unpleasant reality and that's soaring high gas prices.

"Two weeks ago it was $40 to fill up my truck; now it's like $55," said driver Will Foreman.

Will Foreman was at the pump after filling up his four-wheeler, which doesn't take regular gas, explaining that current prices are much higher than he remembers.

"It's almost $4. That's what it says you have to run premium in those," Foreman explained.

While still pricey, some of the cheapest gas found in the Metro area is in Pearl at the Easy Stop station where regular gas is $3.39 a gallon.

Jodie Phillips was filling up in Pearl and said, "It's just crazy because they're up one week and down the next week. Makes you wonder what's going on."

Don Redman, Mississippi's AAA spokesman said the gas spike in February was historic. There's no obvious factor to explain the early spike or to determine when prices will simmer down.

"We saw these historic high prices with very healthy inventories of gasoline, very healthy inventories of crude," said Redman.

Redman said prices typically peak in the spring during the transition of winter and summer fuel, but that switch hasn't happened yet.

"The concern is that as we get into April and May when there truly is a real imbalance in this inventory-demand, will there be another spike in prices?" asked Redman.

Hopefully that's not the case. Gwen Colella, the manager of Greenbrook Flowers in Jackson, is already considering raising her delivery prices from $9.95 to $10.95.

"I'm hoping it'll make a little bit of a difference; it won't make a big difference. We're not going to be making a profit on it, it's just going to help with gas prices," Colella explained.

Redman said the price of crude oil and wholesale gasoline is down, so that could mean a small drop in gas prices in the next few weeks.

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