Gas prices are starting to become like roller coasters, prices go up then back down then back up again.
The national average for a gallon of regular gas is $3.86. In South Dakota, $3.85. In Iowa, $3.86 and in Minnesota, $3.93.
According to the U.S. Energy Information Administration, here's where your money is going when you fill up. If it costs you $60 to fill up your gas tank, $7.20 or 12% is going to taxes, $4.80 or 8% to distribution and marketing, $9 or 15% to refining costs/profits and $39 or 65% to the crude oil refineries.
No matter the break down some families say it's getting too expensive.
"I haven't seen it go down in who knows how long now. It keeps going up and it's stressful," Amie Hardy said.
Stressful for Amie Hardy and her family because she's constantly driving.
"It makes it hard especially with both of our kids involved in so many things. It's already expensive and then gas to run them all over the place makes it worse," Hardy said.
It costs Hardy $60 to fill up her SUV and she's filling up two to three times a week. Hardy says before prices were $3.99 a gallon, it would cost her about $45 to fill up.
"It strains the budget because then we're using more gas to run the kids around and do other things that we need to do," Hardy said.
We talked with AAA South Dakota about the reasons why we are paying more at the pump. Hurricane Isaac caused refineries in the Gulf to shut down causing prices to go up. There are also concerns about disrupting supply because of the violence going on in the Middle East and in North Africa. But there's also another reason.
"Last week the Federal Reserve announced to move forward with more stimulus measures and because of that it caused oil prices to spike,"Marilyn Buskohl said.
Buskohl says gas prices are expected to go down because the summer driving season is over. Plus, oil refineries are switching to their winter gas blends which are less expensive to produce.
But that relief can't come soon enough for Hardy and so many other families.
"There's so many things we'd rather do with our money but they have their activities they need to get to and that's priority so what are you going to do?" Hardy said.
No word on when exactly we will see prices go down but analysts say soon.
Friday, August 1 2014 10:19 PM EDT2014-08-02 02:19:37 GMT
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