Gas tops $3 a gallon; Rapid City below state average

By Dan Daly, Journal staff | Monday, February 25, 2008

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Gasoline prices took a big bump late last week, topping out at $3.099 per gallon for regular gasoline at most Rapid City stations.

That’s about 13 cents more than it was a month ago. It’s also the highest price ever for Rapid City gasoline outside the traditional summer May-to-September driving season.

Ethanol-blend fuels, meanwhile, were $3.049 at most Rapid City stations, premium gasoline was priced at $3.299 per gallon, and diesel was higher than $3.409.

Across South Dakota, retail pump prices have risen an average of 11 cents per gallon since Jan. 25, according to AAA South Dakota.

But Rapid City remains below the statewide average of $3.138, according to AAA. Prices in Sioux Falls were $3.157 this weekend.

With crude oil futures briefly hitting $100 per barrel, then closing at more than $98 at the end of the week, few were surprised by the newest jump in prices.

“These gas prices are reflective of higher crude oil prices,” said Mark Madeja, spokesman for AAA South Dakota. “However, there are no firm and fast economic reasons justifying what crude oil is doing on the futures market.”

Inventories are good and because of the softening economy, demand is down, he said.

“This would be a time of declining pump prices if not for worried commodity traders on Wall Street who are concerned about worldwide oil-supply disruptions,” Madeja added.

AAA’s Fuel Gauge Report (www.AAAFuelGaugeReport.com) shows the average for self-serve regular gasoline is now $3.115 per gallon today nationwide, compared with $2.98 as recently as late January.

Among South Dakota’s neighbors, Wyoming has the cheapest fuel at $2.963 per gallon, followed by Minnesota at $3.017, Iowa at $3.081 and Nebraska and North Dakota at $3.144.

There are only three states, besides Wyoming, with gas price averages below $3 per gallon: New Jersey at $2.936, Arizona at $2.951, and Missouri at $2.945.

Rapid City’s all-time record gas price was $3.359 in May and June of 2007. A year ago at this time, regular gasoline was $2.199 at most Rapid City stations. A decade ago in February, regular gasoline in Rapid City was $1.099.