Gas Prices to See High Spike in Coming Days
We've seen high gas prices over the last few years; the high ones and the lower ones that we make ourselves believe is a "deal". Well, be prepared - Gas prices are expected to see a sharp spike in the coming days.
The jump will be somewhere in the 10 to 20 cent range. This is due to the rising oil prices mixed with the prime driving season of summer.
The national average on Wednesday was $3.50, which was up 2 cents from Tuesday. The price a week ago was $3.47, a major drop from the average a month ago of $3.61.
Tom Kloza, chief oil analyst with GasBuddy, told CNBC:
Short-term, we're going to see the average go into the $3.60, $3.70 range. You're looking at some markets that were closer to $3 a gallon, like the upper Great Lakes, and they're going to go back up and be closer to $4. Probably every market in the country has gone up at least 30 cents in the wholesale market since June 28.
Kloza continued by saying that July is usually the highest demand for fuel out the entire year with August shortly behind it. He said the price hike should be temporary but forecasting such a thing can be tough.
Plan out your trips well, the summer gas spike is here for a while. Also expect everything to rise in price due thanks to fuel cost in shipping - that includes meats, produce, etc.