Monday, December 9 2013 6:37 PM EST2013-12-09 23:37:59 GMT
The IU School of Medicine has released the official request for proposal for,"the development of a multi-institutional academic health, science and research center in Evansville, Indiana."The RFP includesMore >>
The IU School of Medicine has released the official request for proposal for,"the development of a multi-institutional academic health, science and research center in Evansville, Indiana."More >>
Monday, December 9 2013 5:34 PM EST2013-12-09 22:34:19 GMT
EVANSVILLE, IN (WFIE) – Police are reporting a flatbed lumber semi-truck has overturned on NB I-164 between Lynch & Morgan. Police are reporting the driver is out of the truck, and seems to be okay. PoliceMore >>
A flatbed lumber semi-truck that overturned on NB I-164 between Lynch & Morgan has now been up righted. More >>
North Korean state media say Kim Jong Un's uncle has been executed, calling the leader's former mentor "worse than a dog."More >>
North Korea said Friday that it had executed Kim Jong Un's uncle as a traitor for trying to seize supreme power, a stunning end for the leader's former mentor, long considered the country's No. 2.More >>
A Minnesota National Guardsman and Iraq War veteran charged with fraud for allegedly stealing personal information of roughly 400 members of his former Army unit had worked in intelligence, where he likely was...More >>
A Minnesota National Guardsman and Iraq War veteran charged with fraud for allegedly stealing personal information of roughly 400 members of his former Army unit had worked in intelligence, where he likely was responsible...More >>
NEW YORK (CNNMoney) -
It's happening again.
It's not even close to the summer driving season -- in fact, it's not even springtime -- but as surely as February gives way to March, gas prices have begun their annual assent.
The average price for a gallon of regular is now $3.53 a gallon, according to AAA. That's 17 cents higher than it was just a week ago, and 23 cents higher than last month.
In parts of Los Angeles, drivers are already paying more than $5 a gallon.
"I'm shocked. I don't know what happened," Diana Griffitts, a motorist filling up at a downtown LA station, told CNN. "Just a week ago I paid under $4 a gallon. I'd like an explanation."
Well Diana, we'll try.
Analysts say gas prices are going up for two basic reasons: oil prices are rising, and refineries are shutting down.
Oil prices have jumped 10% over the last two months. The price of crude accounts for 68% of the cost of a gallon of gas, according to the Energy Information Administration. Other costs include refining (8%), marketing and distribution (11%), and taxes (13%).
Energy analysts say oil prices are rising partly because the economy is improving. The U.S. housing market had its best year in the last five, U.S. job growth is steady, and the Chinese economy is showing an uptick.
OPEC production cuts are also causing oil prices to rise. The cartel is believed to have cut production by about 1 million barrels a day over the last few months, partly as a response to rising oil production elsewhere, notably the United Sates.
On the refining front, several refineries have either shut down or are about to for maintenance before the switch to summer gasoline, which often has to be formulated to prevent smog buildup in the warmer weather. That comes on top of the closure of a Hess refinery in New Jersey last month, which was reportedly losing money.
"There's no shortage," said Andrew Lebow, an energy broker at Jefferies Bache in New York. "But there's anticipation that as refineries go down, stockpiles will draw."
Investors are moving their cash into energy futures, attracted by the improving economy and potentially lower gasoline supplies.
In early December, 11.7% of the most commonly traded U.S. oil futures contracts were held by investment funds betting the price would go higher, according to the Commodity Futures Trading Commission. As of last week, that number jumped to 15%.
That money-movement ritual happens every spring, according to Tom Kloza, chief oil analyst at the Oil Price Information Service. Each year, though, it seems to be happening earlier and earlier, he said.
Fortunately for motorists, prices this year are not expected to be as high as last year.
Thanks to an oil and gas production boom in this country, peak gasoline prices are expected to top out somewhere between $3.50 a gallon and $3.90 a gallon this year, Kloza said. Last year's top price was $3.94 a gallon, set in early April.
Average prices for the whole year are expected to be lower, too. Kloza is predicting an average of $3.25 to $3.50 a gallon. That's nice break from last year's average of $3.60 -- which caused U.S. motorists to spend a record $479 billion at the pump.
Wednesday, December 11 2013 6:46 PM EST2013-12-11 23:46:29 GMT
For the first time in Muhlenberg County, a local case is being heard by the U.S. Supreme Court. Justices will consider whether to allow a new sentencing hearing for a man who confessed to killing 16-year-oldMore >>
Justices will consider whether to allow a new sentencing hearing for a man who confessed to killing 16-year-old Sarah Hansen in 1997.More >>
Thursday, December 12 2013 6:28 PM EST2013-12-12 23:28:03 GMT
Evansville Police are investigating a holdup at a gas station on the southeast side. It happened at Thorntons on S. Green River Rd. around 3:00 Thursday morning. Officers say a man came into the store,More >>
Officers say a man came into the store, showed a gun and demanded money from the clerk.More >>
The man accused of faking sign interpretation next to world leaders at Nelson Mandela's memorial told a local newspaper that he was hallucinating and hearing voices.More >>
The sign language interpreter at Nelson Mandela's memorial says he suffers from schizophrenia and hallucinated and saw angels while gesturing incoherently just 3 feet away from President Barack Obama and other world...More >>
The national director of the Deaf Federation of South Africa says a man who provided sign language interpretation on stage for Nelson Mandela's memorial service, attended by scores of heads of state, was a...More >>
As one world leader after another paid homage to Nelson Mandela at a memorial service, the man standing at arm's length from them appeared to interpret their words in sign language. But advocates for the deaf say he...More >>
Wednesday, December 11 2013 6:57 PM EST2013-12-11 23:57:36 GMT
A Vanderburgh County jury has returned a guilty verdict in a violent home invasion. 23-year-old Giovanni Wickare was on trial for charges that he and three others entered a woman's home in October 2012More >>
A Vanderburgh County jury has returned a guilty verdict in a violent home invasion.More >>
1115 Mt. Auburn Road
Evansville, IN 47720