Why are gas prices so high? - Fox 28: South Bend, Elkhart IN News, Weather, Sports

Why are gas prices so high?

Why are gas prices so high?

Posted:
 "It's ridiculous ya know, people out here working every day, let alone have to pay bills and support a family and then they have to go to the gas pump and pay $4 a gallon?  It's just outrageous," said Jonathan Wenger at a gas station in South Bend.

That's the reaction from most people in Michiana as we continue to pay sky high gas prices.
   
Right now here in Indiana, we are paying some of the highest gas prices in the Nation.

We've been trying to find out why.  So we went to one of the experts, Notre Dame Economics Professor Thomas Gresik.

He said there's two reasons behind the price jump.  First, in early May, a pipeline from Canada had mechanical issues so it was shut down for four days so refineries here weren't able to get as much oil as they need.

The second reason, in April, new pipelines opened up that transfer crude oil to the gulf. "Up to that point the Midwest had easy access to cheap oil because there was no way to get the oil outside the Midwest.  What we're seeing now is higher prices in the Midwest because that oil can now go to other parts of the country," said Gresik.

Gresik said we should see a decline in gas prices but it'll take longer than we're used to seeing this time of year.
   

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