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Gas prices expected to surge again soon

Posted By admin On July 12, 2013 @ 5:25 am In Money Watch | Comments Disabled

Gary Strauss
July 12, 2013

Gas prices are heading up again.

Rising crude oil prices and a fall in U.S. supplies are driving wholesale gas prices up sharply. That has yet to be fully reflected at the retail level.

Prices at the pump — up 4 cents the past week to a national average of $3.52 a gallon — could climb another 15 cents or higher over the next two weeks. A year ago, the national average was $3.38.

“It’s getting ugly,” says Patrick DeHaan, senior analyst for GasBuddy.com. “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. This is coming at a time when demand is at its annual July peak.”

Full article here [1]

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[1] USA TODAY: http://www.usatoday.com/story/money/2013/07/11/summer-gas-prices-heating-up-again/2508727/

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