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Gas pump prices that are around $3 a gallon now may seem like a bargain by the time your kids are on Easter egg hunts.
Pump prices have risen nearly 9 percent since Dec. 1 and topped $3.10 a gallon this week. That's the highest level since October 2008. The price may rise or fall a little over the next few months, but analysts expect it to range between $3.20 and $3.75 gallon by March and April ahead of the summer driving season.
The national average for regular gasoline about $3.12 a gallon on Friday, according to AAA, Wright Express and Oil Price Information Service. That's nearly 12 cents more than a month ago and 38 cents above a year ago.
Average pump prices range from $2.81 to $3.70 in major cities. For example, the average in Salt Lake City is $2.74 a gallon and in New Orleans it's $2.97 a gallon. Drivers in San Francisco pay $3.44 a gallon, and in Honolulu gas is $3.58 a gallon.
Americans typically drive less in the winter. Demand is about 1 percentage point higher than a year ago but remains weaker than the historical average, said energy analyst Jim Ritterbusch. The nation's gasoline supplies remain above the five-year average.
Over the next couple of months, refineries will conduct regular maintenance to prepare for the changeover to summer driving mixes. That could affect supplies, but gas prices should remain steady to a few cents more, according to oil analyst Tom Kloza of Oil Price Information Service.
By spring he expects the average price to rise to between $3.50 and $3.75 a gallon. Ritterbusch expects $3.20 to $3.25 a gallon by Memorial Day.
For every penny the price at the pump increases, it costs consumers overall an additional $4 million, according to Cameron Hanover analyst Peter Beutel. If the price goes up a dime a gallon, consumers pay $40 million more each day for that increase.
Crude oil prices fell again on Friday as traders speculated about whether China may impose more restrictions to control the growth of its economy, and looked for more signs that the U.S. economy is headed for better days
Wiki User
∙ 13y ago
Wiki User
∙ 12y agoIt will keep going up because of supply and demand. Low gas, everybody wants it. We are running out because it is not a natural resource. Why do you think they made electric powered cars? Why do you think they are so expensive?
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Why has the gas prices gone up and do you think its fair if it keeps going up?
= Why has the gas prices gone up and do you think its fair if it keeps going up? =
Why are gas prices going up everyday?
Because oil prices are going up so gas companies have to raise their prices so they can make a profit and not go bankrupt.
Why is the price of milk going up?
Because when gas prices go up, food prices also go up.
What are the factors of increasing of the petrol price?
Gas prices are set by a supply and demand system. If something happens that effects that system then the price can go up or down. Gas prices will go up in the United States when a Hurricane hits the gulf of Mexico coast and the Oil processing plants and Oil rigs have to close down. The demand for the oil/gas goes up and the supply goes down so the prices go up. In a situation like the Swine flu gas prices are going down because the demand is going down while the supply is going up. As the demand for gas/oil goes up the prices will follow.
When did gas prices start going up?
When Natural Disasters occur in an area where they have refineries
Why has the gas prices gone up and do you think its fair if it keeps going up?
= Why has the gas prices gone up and do you think its fair if it keeps going up? =
Why are gas prices going up everyday?
Because oil prices are going up so gas companies have to raise their prices so they can make a profit and not go bankrupt.
Why is the price of milk going up?
Because when gas prices go up, food prices also go up.
How much will gas be in the future?
I feel like the prices will be keep going up. I was chatting to on of the girls on dream marriage, and she told me that we should pray for the prices not to go higher than 10$
Why do stock prices keep going down when gas keeps going up?
purchasing and owning stocks has always been a bit of a gamble, even at the best of times. as times and finances get tenser ,basic items like food and gas skyrocket- people put more emphasis on the necessary instead of the risky,causing gas prices to go up.
What are the factors of increasing of the petrol price?
Gas prices are set by a supply and demand system. If something happens that effects that system then the price can go up or down. Gas prices will go up in the United States when a Hurricane hits the gulf of Mexico coast and the Oil processing plants and Oil rigs have to close down. The demand for the oil/gas goes up and the supply goes down so the prices go up. In a situation like the Swine flu gas prices are going down because the demand is going down while the supply is going up. As the demand for gas/oil goes up the prices will follow.
When did gas prices start going up?
When Natural Disasters occur in an area where they have refineries
Do prices go down after holidays?
Naww Shawty They Keep Going Up
Why are illegal drug prices keep going up?
Because illegal drugs are hard to get and there are no official regulations on prices.
When South Americans buy products in their home towns very often the prices keep going up What is this the result of?
The prices of products continuously going up is the result of inflation.
Why is the rates of UPS going up?
Many shipping companies like UPS have an annual rate increase to keep up with inflation and the rising costs of materials, including gas. UPS had to adjust their prices to keep up with fuel charges that were cutting into their profit margins
What does foreign oil have to do with gas prices going up?
Well gas comes from oil and America does not produce enough oil to support all the things that need gas in America. So America buys alot of its oil from foreign countries. Gas prices are going up because foreign countries are increasing the price and the amount of oil is going down.
