Wednesday, July 11, 2007
From an article by Mike Ivey in The Capital Times:John Neal of Verona didn't even flinch as the pump display ticked past $40 as he filled the tank of his Volkwagen Jetta this morning at the Citgo station on South Park Street.
It's the first time Neal has purchased fuel since prices spiked again this week.
While Neal was paying $3.29 a gallon for unleaded regular gasoline, many other stations in the Madison area have already shot up to an all-time high of $3.49. The rest should follow suit, but state law prohibits more than one price increase every 24 hours.
"Usually the oil companies offer some kind of excuse, but this time they didn't even bother," said Neal, 59, an attorney in private practice.
Indeed, some analysts are still scratching their heads over the latest price jump. After hitting a previous high of $3.43 a gallon here over the Memorial Day weekend, pump prices had slowly eased back to about $3.
But a lingering fire at the largest Midwest refinery in Whiting, Ind., and crude oil prices climbing again past $70 a barrel have been enough to send gasoline futures soaring.
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