Gas Prices have First Increase in Several Weeks

In the last three weeks the average price of gas has risen and could become even higher because the rise in price of crude oil has not yet been passed onto consumers. According to the nationwide Lundberg survey of about 9,000 gas stations, the national average of self serve gas stations was $2.2209 per gallon on Feb. 9, and increase of 3.63 cents from Jan 19th. Lundberg said this was the first price rise in several weeks but was definitely not a spike, or huge increase like we can expect soon. For West Texas Intermediate there was a $7.90 rise in the price for a barrel of crude oil from Jan 19th ($51.99) to Feb 9th (59.89). At the price of price of $59.89 New York closed their contract with them. This rise equvilent to 19 cents per gallon. Lunberg also commented saying the highest average price in the nation for gasoline was $2.76 in Honolulu, and the lowest price was $2.01 in Billings, Montana.

From this article we can speculate that in a few weeks we will begin to see the gas prices rise up. The seasonal demand is also currently low and it makes it harder passing on the high prices to retail consumers. With that said so far we haven't seen the worst of gas prices considering the demand is only beginning to rise for the summer. So I would suggest to start saving up some money because gas is going to put a much larger hole in our pockets this year compared to last year.