Get Some Gas Today: Prices May Surge Soon

Get Some Gas Today: Prices May Surge Soon Photo (cc) by coconut wireless

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,” GasBuddy.com 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, NBCNews.com 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, NBCNews.com 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.

Popular Articles

15 Smart Ways to Organize Every Room of Your Home
15 Smart Ways to Organize Every Room of Your Home

Are you sick of clutter and digging around to find things? Get your household organized with these brilliant and inexpensive tricks.

These 6 Lifestyle Changes Might Help Prevent Dementia
These 6 Lifestyle Changes Might Help Prevent Dementia

Science says these practices can lower the risk of cognitive decline as we age.

10 Food Staples That Are Easy and Cheap to Make Yourself
10 Food Staples That Are Easy and Cheap to Make Yourself

Making any of these key foods yourself will improve your meals and your budget — not to mention your health, in some cases.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Comments