Fuel prices reach record February highs

Published 12:28am Tuesday, February 28, 2012

Prices at the pump are at a record high for February, according to officials with AAA.

In Selma, the price of gasoline, which sits at an average of $3.653, has risen more than eight cents in the past week and is nearly 35 cents higher than it was a year ago. The state average for a gallon of gasoline is $3.57.

“We are getting an early jump on our gas price increases,” said Clay Ingram, AAA spokesperson. “It’s very rare to see prices increase in February, and we have already set a record high for February.”

Ingram said some blame the increase on the increasing global demand for fuel, even though the U.S. demand is at a 10-year low.

“However, a large portion of the blame has to go to investors, day-traders and stockbrokers around the world for continuing to push crude oil futures and gasoline futures higher and higher with little-to-no-justification,” he said.

“This happened a few years and caused our economy to collapse, so hopefully, this behavior won’t continue very long.”

Alabama’s gas prices hit a record high in September 2008, when regular unleaded topped out at $4.09 per gallon, and crude oil prices were at $146 per barrel.

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