FORT WAYNE, Ind. (Indiana's NewsCenter) - Despite a decrease in crude oil prices, Fort Wayne residents continue to see gas prices climb.
During the past 48 hours gas prices have increased approximately 20 cents around the Fort Wayne area. With Memorial Day weekend approaching many people are not surprised. The price of gas is not only hurting bank accounts but travel plans for some people as well.
"People like us, and other people, if they want to go away for the weekend to enjoy relaxation, you can't because of the gas,” says Fort Wayne resident Judith McBride.
The price of gas per gallon depends on the price of crude oil. Crude oil prices are at a seven month low, the lowest since last October, according to CNN. Oil prices now sit at $90 a barrel. However, with the cost of crude oil decreasing, gas prices are still on the rise, leaving some drivers upset.
Prices depend on supply and demand according to IPFW Department of Economics professor Dr. Hedayeh Samavati. Samavati says that because the demand for gasoline rises during Memorial Day weekend, so do the prices.
Even though it might cost drivers more than expected to get to their destination, there is hope that prices will fall in time for the drive back home. It often takes a couple of days for gas prices to reflect the price of crude oil, Samavati says. Therefore, there is a good chance gas prices will fall in the next few days.
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