Crude oil prices have also declined over the past two weeks, from a high of $103 per barrel on July 23rd to $97 a barrel on Tuesday. David Fraley, a local gas supplier, said crude oil prices normally dictate the cost to suppliers like him.<\/p>\n
\u201cWe\u2019re all scratching our heads about the overnight increase too,\u201d said Fraley. \u201cNormally we see a (price) move coming.\u201d<\/p>\n
Fraley said that he could only offer a \u201cbold speculation\u201d about the sharp rise at the pump.<\/p>\n
\u201cThere\u2019s been no large price movement throughout the summer when demand is usually highest,\u201d he said. \u201cThis could be a possible reaction to a lack of price activity earlier in the summer.\u201d<\/p>\n
On The Cortez Journal\u2019s Facebook page, one woman posted that she was glad she filled her truck before the spike. Another woman lamented wishing she had.<\/p>\n
Late Monday, the Giant store at Main Street and Mildred Road was the first local station to raise gasoline prices, from $3.54 to $3.69 per gallon. The City Market station had mirrored the same price by Tuesday morning. Fraley said those two stores move the most fuel, guiding prices in the local market.<\/p>\n
Giant and City Market stores in Cortez are supplied by Western Refining. Last week, the El Paso-based refinery announced $128.8 million in net income for its second quarter ending June 30. The company reported more than $10 billion in net sales in 2013.<\/p>\n
As of press time Thursday, both Giant and City Market had dropped their price per gallon by a nickel to $3.64, but other stations along Main Street still advertised $3.69 per gallon. Crude oil prices were trading below $97 per barrel on NASDAQ Thursday morning.<\/p>\n