Gas prices are on the rise again, jumping 5% in 3 weeks. The price at the pumps average at $2.05 cents, almost a 10-cent jump compared to a March 20 survey.
Trilby Lundberg, publisher of the Lundberg Survey said, “This is mostly seasonal demand talking, as gasoline demand always rises in spring and summer.” The rise is driven by local demand and seasonal factors since the price of crude oil in the world market has remained mostly unchanged for the good part of those three weeks.
Increases in oil prices might remain likely in the coming weeks as economic and market factors might affect local oil prices though experts don’t see any indications of drastic jumps except in the case of mishaps to the world’s oil supply.
Gas prices were at an all-time high same period last year when pump prices reached a record $3.47 per gallon.
Source: CNN Money
