Monday, August 13, 2012

Sudden gasoline price spikes have experts scrambling for explanation

AAA calls it the steepest one-month climb in gas prices since they started keeping track in 2000.

The average price for a gallon of regular unleaded Friday was $3.67, up from last month's $3.38. Diesel's up almost as much.

For trucker Anthony Bagley, who was topping off his 200-gallon tank Friday at a truck stop in Millersville, Md., the price hike means lost income, lost profits and lost savings.

"Seventy-five gallons so far -- almost 300 bucks," he told Fox News. "Ridiculous. It's killing me. No money in it, it's not worth it."

Asked what the price hike would do to his business,  Bagley said, "Eventually it's going to fold."

Industry analysts say the sudden spike in fuel prices has one root cause.

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