Wednesday, December 4 2013 4:08 PM EST2013-12-04 21:08:10 GMT
EVANSVILLE (WFIE) -Evansville Police are on the scene of a barricaded gunman. According to the department's Facebook page, it happened Wednesday morning in the 1500 block of South Alvord Boulevard. DispatchersMore >>
Several streets near Covert Avenue and South Alvord Boulevard were closed Wednesday morning as police responded to a man who barricaded himself inside his home. More >>
Tuesday, December 3 2013 11:01 PM EST2013-12-04 04:01:42 GMT
EVANSVILLE, IN (WFIE) – Police and emergency crews are on the scene of an accident on I-164 near mile marker 11. According to dispatch, a dump truck ran off the road and down an embankment. No other carsMore >>
I-164 is back open on Tuesday night after a semi carrying a load of coal ran off the roadway. More >>
A storm system that spread snow, sleet and freezing rain widely across the nation's midsection is headed toward the densely populated Eastern seaboard promising more of the same.More >>
A mix of freezing rain, sleet and snow is delivering a sloppy winter smorgasbord from the Mid-Atlantic through southeastern Pennsylvania and northern New Jersey.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.
Sunday, December 8 2013 10:23 AM EST2013-12-08 15:23:18 GMT
A small town came together Friday night to do something that a special little girl will likely never forget. Outside Oak Grove, MO's city hall, the signs of Christmas are up with lights and wreaths everywhere.More >>
A small town came together Friday night to do something that a special little girl will likely never forget.More >>
Saturday, December 7 2013 3:27 PM EST2013-12-07 20:27:07 GMT
Many people grew up with model trains around their Christmas tree. Well, one Evansville man keeps his up all year round and they're even more special when the holidays roll around. Some Tri-Staters mayMore >>
Many people grew up with model trains around their Christmas tree.More >>
Saturday, December 7 2013 8:38 AM EST2013-12-07 13:38:56 GMT
BITHLO, FL (Central Florida News 13/CNN) - A central Florida man made quite a discovery inside an old Christmas tree box that was filled with $50,000 in bonds. Anthony Garafalo, a single father, foundMore >>
Anthony Garafalo, a single father, found the tree a few years ago while looking for scrap metal to sell and finally opened it this year for his son. More >>
Tuesday, May 21 2013 2:48 PM EDT2013-05-21 18:48:17 GMT
14 News, the Tri-State's News and Weather Leader is proud to announce a full featured weather app for Apple and Android devices. Our new weather app has an interactive radar, 10 day and hourly forecastsMore >>
14 News has a new weather app in the iTunes store and Android market. It has interactive radar, hourly forecasts and targeted weather alerts.More >>
Friday, December 6 2013 1:28 AM EST2013-12-06 06:28:26 GMT
A second case of disturbing animal abuse has been discovered involving a puppy's mouth tied shut. A man found a puppy in a box with filthy blankets in Kane Park in Gresham at 8 p.m. Wednesday. The puppyMore >>
A second case of disturbing animal abuse has been discovered involving a puppy's mouth being tied shut.More >>
Friday, December 6 2013 4:46 PM EST2013-12-06 21:46:36 GMT
A woman has been arrested after police say she used her small child to enter her neighbor's home though a doggie door to steal.Rockdale County Sheriff's deputies arrested Cheryl Keele, 25, at her homeMore >>
A woman has been arrested after police say she used her small child to enter her neighbor's home though a doggie door to steal.More >>
1115 Mt. Auburn Road
Evansville, IN 47720