If your wallet is feeling a little sore after filling up at the pump, don’t worry, you’re not alone. Across the country, gas prices are on the rise, and there may not be an end in sight.
According to AAA, the rising prices may be caused by low gas demand and higher costs of oil, putting the low prices of oil we’ve seen for weeks in the rearview mirror.
Currently, AAA puts the national average for a gallon of gas at $3.15, up 5 cents from a week ago but still down from last year’s high of $3.50.
Patrick De Haan, the head of petroleum analysis at GasBuddy, shared that while prices have inched upward, they could rise much more by spring.
“While prices have inched up and may continue to slowly rise, I believe the larger increases will be witnessed in a few weeks as we enter mid-February, lasting through April or May, during which the national average could rise 35 to 85 cents per gallon,” De Haan said. “Other issues and tensions could complicate how quickly prices rise or how high they go, so while the rise is not completely charted, it could deviate from our expectations.”
Diesel prices have not changed in recent weeks, but oil prices now range from $78 to $84 per barrel, a jump of $6 from last week.
When it comes to why prices are rising, De Haan shared that the refinery shutdowns and issues in the Red Sea have pushed oil prices higher.
“We’ve seen the national average price of gasoline bounce back up after cold weather-related refinery shutdowns pushed up the wholesale price of gasoline. Plus, recent GDP data and new attacks in the Red Sea have pushed oil prices to their highest level since November,” De Haan said.
Prices had been falling off a cliff since September, going down 80 cents over the last five months. But now, AAA spokesperson Andrew Gross says prices are beginning their climb.
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“The national average for gas will likely maintain a glacial grind higher for the immediate future,” Gross said.
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