Reuters reports that gas prices jumped 31 cents this past month. According to the AAA's Fuel Gauge Report the average national gas price is now $2.48 -- that's about 20 cents higher than this time last year. You can find more gas prices resources here.
The government says motor fuel costs have soared 31 cents over the past month to $2.51 a gallon because of the rise in crude oil prices, which accounts for half the cost of making gasoline. Most of those higher crude prices have been passed on to consumers at the pump.
Pushing up gasoline prices in the weeks ahead will be stronger fuel use as highway travel gets a spring boost.
"Fuel demand increases, that puts upward pressure on prices," said Tancred Lidderdale, an analyst with the U.S. Energy Information Administration, the Energy Department's analytical arm.
Refineries will also switch to less-polluting gasoline required by the government during warmer months, which costs more to make and adds five to seven cents at the pump, according to Lidderdale.
The EIA will revise up its estimate of $2.41 a gallon for the average gasoline price for the second quarter when the agency releases its new monthly forecast on Tuesday, he said.
The gas price jump comes as we enter the spring/summer driving season. Prices typically jump this time of year but they are still way above the prices consumers were used to several years ago. The article also says if the economy is very weak consumers may reduce their driving and spend less money on gas which would keep prices from rising as fast.
