Time to fill 'er up

Just when we thought it was safe to go back to the gasoline station to enjoy lower prices, a web site that monitors fuel prices issued a warning today: Prepare to pay as much as 35 cents a gallon.

GasBuddy.com issued notice late Friday morning that it sees the price of regular self-serve gasoline rising through the day to $3.65-$3.75 a gallon in Ohio, Michigan, Indiana and Kentucky.

Considering some area stations are selling gas below $3.40 a gallon, the higher price will add up quickly.

Station managements set prices based on the cost of buying the next tanker of gasoline, not what it paid for the existing load, which is why the price can change in a second.

GasBuddy says the reason for the increase is unclear, especially since a barrel of oil has fallen in price with the latest global economic jitters from $100 to $76, before increasing lately to around $88.

Apparently, supply of gasoline has dropped quite a bit in the Great Lakes region - perhaps related to refinery issues - sending the wholesale cost of gasoline to $2.88 a gallon in Chicago. A gallon costs 14 cents less in the Gulf of Mexico Coast region.

As a head-up, you might want to fill up soon.