Motorists miffed as gas prices jump ten cents overnight

By TEARSA SMITH6 News Anchor/Reporter

KNOXVILLE (WATE) - Motorists driving around town on Thursday morning trying to fill up that gas tank noticed that something changed overnight.

In many communities, gas is now $3.18 for regular unleaded. It was about $3.09 Wednesday, prompting many to wonder what is causing the spike.

"It's outrageous," said motorist Dennis Carter. "I can't believe it's gone up so much in one day."

Quick fill-ups at the gas pump are leaving lasting impressions on those looking to make a dollar go a long way.

"That's the second big jump in the last couple of days," said driver Scott Hall. "It kills me. I've gone from trying to put $20 in for going to work for the week to putting in and now it's costing me about $45."

With Knoxville's average for regular unleaded sitting at $3.12 and many gas stations showing an even higher price, drivers are watching the national headlines and how they are playing into what we are paying.

Still, experts say the prices we're seeing could have been higher.

"With the fiscal cliff negotiations done, the speculation, the thought was that the speculators would drive the prices up because they would see the economy recovering, but that hasn't happened in the days since the fiscal cliff thing was figured out," said Don Lindsey of AAA of Tennessee.

Lindsey says in Knoxville the wholesale price of gas started going up around December 20. He says when prices move like that, local gas stations have to adjust as well.

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Motorists miffed as gas prices jump ten cents overnight