Gas Prices Headed Up: How High Will They Go?

What's Hot

How to Cut the Cable TV Cord in 2017Family

8 Major Freebies and Discounts You Get With Amazon PrimeSave

Study: People Who Curse Are More HonestFamily

8 Creative Ways to Clear ClutterAround The House

15 Things You Should Always Buy at a Dollar StoreMore

Pay $2 and Get Unlimited Wendy’s Frosty Treats in 2017Family

5 Reasons to Shop for a Home in DecemberFamily

This Free Software Brings Old Laptops Back to LifeMore

Should You Donate to Wreaths Across America? A Lesson in Charitable GivingAround The House

6 Reasons Why Savers Are Sexier Than SpendersCredit & Debt

Resolutions 2017: Save More Money Using 5 Simple TricksCredit & Debt

10 Free Things That Used to Cost MoneyAround The House

7 New Year’s Resolutions to Make With Your KidsFamily

10 Simple Money Moves to Make Before the New YearFamily

The 3 Golden Rules of Lending to Friends and FamilyBorrow

The cost of gasoline has been on an upward swing, and you might pay a lot more at the pump in the coming months.

Although Americans have been fueling their cars on the cheap so far this year, motorists are now paying roughly 20 cents more per gallon at the pump than they did a year ago.

According to motor club AAA, the average price per gallon of fuel now sits at $2.21 — 3 cents higher than last week and 2 cents more than last month. Gas prices increased for 14 consecutive days starting at the end of November.

Some analysts expect fuel prices will continue to swell, topping $3 per gallon early next year in some parts of the U.S., says USA Today. A significant increase in gas prices could leave some families’ budgets running on fumes — especially families who ditched fuel-efficient vehicles for gas guzzlers when fuel prices dropped and stayed down for a while.

For example, a family that puts 12,000 miles on a vehicle annually and averages 24.9 miles per gallon can expect to pony up at least $381 more per year for gas if prices jump from $2.21 to $3 a gallon, says USA Today.

The escalation in fuel prices in the U.S. has been spurred by international deals to slash oil output. Last month, the Organization for Petroleum Exporting Countries (OPEC) and other oil producers agreed to cut production by 1.2 million barrels per day beginning in January, says AAA. It’s an effort to balance the fuel market and reduce the global oversupply of fuel. AAA writes:

“Retail prices have steadily increased following the news of the OPEC agreement, but the effectiveness of the deal and continued market impacts will hinge on all countries implementing the agreed to production levels.”

What are you paying for gas where you live? Share your comments below or on Facebook.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!


Read Next: Ask Stacy: Why Is My Bond Fund Losing Money?

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,774 more deals!