September 10, 2010

If you're going on a road trip this weekend it will cost you a little more.

Gasoline prices jumped overnight in Wichita, with many stations selling unleaded at $2.65 a gallon. That's a 16 to 18 cent increase.

The increase comes at a time that many anaylsts expected prices to drop.

Analysts expect retail prices to fall now that the summer driving season has ended with plentiful supplies still in storage. In addition, consumers are watching their dollars carefully as unemployment remains high.

"Demand probably did pick up a little bit going up into the holiday, which probably kept the prices up there," PFGBest analyst Phil Flynn said.

The price of crude and other energy products retreated as fears about the global economy resurfaced following reports that European banks may have more risky government debt on their books than previously thought.

Benchmark crude for October delivery fell 51 cents to settle at $74.09 a barrel on the New York Mercantile Exchange.

The Wall Street Journal reported that EU stress tests of 91 banks in July understated some lenders' holdings of potentially risky debt. The Financial Times said Germany's top 10 banks will have to raise as much as $135 billion to meet new capital requirements.

Abundant supplies of oil will pull prices down over the next two months, with fewer drivers on the road and the winter heating season still to come, MF Global analyst Andrew Lebow said.

The Associated Press contributed to this report.