Gas prices jump dramatically

SPRINGFIELD, Mass. (WWLP) - Gas prices jumped dramatically in just a few days.

The average price of gas Friday in the Springfield area is 3.55 per gallon. That's more than ten cents higher than just a week ago.  But no matter where you go in western Massachusetts, gas prices have shot up, anywhere from ten to twenty cents more in just one week.

Ed Dudkiewicz of Hadley told 22News, "I try to watch my pennies I try to watch whoever has the lowest gas prices and shop around."

"As a student I have to drive to and from especially in the winter I don't get to ride my bike as much so prices affect me in terms of mobility," Zach Riddle told 22News.

And adding to the frustration for drivers is that oil companies like Exxon are posting some of the biggest profits ever.

Mark Teed from Raymond James and Associates told 22News, "oil prices are moving up is like real estate, you don't want them to go up unless you own the oil or the real estate but the fact that it is going up means that there's a lack of supply and there's a lot of demand."

Anytime there's more demand, the cost of oil goes up.  And although it stings, Raymond James financial adviser Teed sees a silver lining to the price hike.

"The reason that gas prices are going up lately is first of all a seasonal thing but it is also a sign that the economy is starting to pick up," Teed says.

While it may be a good thing overall, it's a tough sell for drivers.

Exxon Mobile is now the world's most valuable company at a market value of 418 billion, replacing apple at the top spot.