Tools

Tight supply brings gas price spike

By LEXIE O'CONNOR

UTICA, N.Y. (WKTV) - Gas prices reached an average of $4.10 a gallon Tuesday in the Utica-Rome area, a price that could go up even more. Why the spike? AAA says the issue is supply.

"The refinery capacity for the northeast still is not where it was a year or two ago," said Ed Welsh of AAA in Utica. "So what's happened is they haven't been able to make the winter blend of gas fast enough, so as the summer blend gas is depleting winter blend gas hasn't caught up to where it needs to be."

Ed welsh of AAA says the trend is across the state, refineries not being able to produce enough gas to meet the demand. With it, he says 2012 is on track to be the most expensive year for gas.

"That's not good for the economy at all, the economy is really not going to recover until the price of energy goes down," said Welsh.

AAA predicts gas prices to inch higher in the next 10 - 14 days, but expects prices to then go down to around where they ended last year at $3.50 a gallon.

What's On