Feb 24, 2011 12:25 AM by Jim Hummel

Gas Prices on the Rise

Unrest in the Middle East is starting to have an impact here in Acadiana; gas prices are going up.

"What we have here is a supply and demand issue," said Mark Lasseigne, a financial advisor with Investment Partners of Acadiana.

In the past week alone, Lasseigne says the price of crude oil futures has gone up 18%, as a result of the turmoil in Libya.

"February 14th it was trading right around $87or $88 a barrel, today it hit $100 a barrel, so we've seen a huge spike in prices," Lasseigne said.

That spike in crude oil prices means higher prices at the pump for consumers like Amy Touchet, who spent upwards of $40 to fill up her compact car.

"I just wish everything would settle down and get fixed, especially with the economy nowadays," she said.

The federal Energy Information Administration said Tuesday the average price of regular unleaded gasoline in the U.S. was about $3.19, and according to ABC News, that is the highest average price for the month of February on record.



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