Get Some Gas Today: Prices May Surge Soon

The national average for gas is 14 cents higher than a year ago. It’s likely to go higher still.

Rising crude prices and declining U.S. supply are pushing wholesale prices up rapidly, and that hasn’t been fully reflected at the pump yet, USA Today says.

We could be headed for a 15-cent increase in the next two weeks, according to expert predictions.

“First and foremost, the political problems in Egypt are driving crude oil prices, but there has also been a sharp drop in oil supplies the past two weeks,” senior analyst Patrick DeHaan told the paper. “This is coming at a time when demand is at its annual July peak.”

U.S. supply is down even as our production is at a 20-year peak, says. We’re generating 7.4 million barrels of oil a day, the highest since the start of 1992. But as global demand has increased, the industry has recently become more efficient at shipping oil from the heartland to the coasts for export.

That’s pushing the price of our oil closer to the global price, says, which means more pain at the pump.

The effect is likely to hit the Midwest hard and fast, as it did earlier this year when prices reached $4.25 a gallon there, USA Today says. Michigan, Indiana and Ohio are seeing major hikes already — 16 cents in the past week.

What can you do about it? Check out our recent post, How to Increase Your Mileage by 70 Percent.

Sign up for our free newsletter

Like this article? Sign up for our newsletter and we'll send you a regular digest of our newest stories, full of money saving tips and advice, free! We'll also email you a PDF of Stacy Johnson's '205 Ways to Save Money' as soon as you've subscribed. It's full of great tips that'll help you save a ton of extra cash. It doesn't cost a dime, so why wait? Click here to sign up now.

The fast, free way to stay on top of your money.

If you’re not using online money management, it’s time to start.

Click here to find out more.

Money Talks News has teamed with PowerWallet for a free, confidential way to track your expenses, set budgets and goals, get bill reminders and earn free customized coupons.

Take a minute right now and check out PowerWallet. It's the simple way to get a handle on your money.

Comments & discussion

We welcome your opinions, but let’s keep it civil. Like many businesses, we reserve the right to refuse service to anyone. In our case, that means those who communicate by name-calling, racism, using words designed to hurt others or generally acting like an uninformed bully. Also, comments that include links to email addresses or commercial websites typically aren't posted. This isn't a place to advertise your business.

  • Joy Foy