Gas prices spike after national drought
A brief summer break from high gas prices is over.
A gallon of gasoline is now higher than this time in 2011.
According to GasBuddy.com, the national average for a gallon of gas is $3.66. That's four cents higher than this time last year.
Here in Shreveport, the website reports that prices are averaging about $3.47 a gallon. That's 38 cents higher than four weeks ago.
Centenary economics professor David Hoaas, Ph.D., says rising ethanol costs are fueling the higher gas prices in our region.
"The drought across the country has caused or will be causing a shortage of corn, from which we get ethanol," Hoaas said. "We mix ethanol in our gasoline these days. Therefore the input price is going up so the price of gasoline is going up."
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