Drivers Beware: Experts Say Gas Prices Just Hit A Bottom

  • Drivers Beware: Experts Say Gas Prices Just Hit A Bottom

Drivers Beware: Experts Say Gas Prices Just Hit A Bottom

After gasoline prices increased with higher oil prices and a higher Pennsylvania fuel tax, motorists have seen five weeks of declines as demand cools during the winter months.

"You've been warned", an emailed report from GasBuddy.com read.

States that usually see the largest increase in gas prices during this seasonal spike include Michigan, Ohio, Illinois, Indiana, Wisconsin, Minnesota, Kansas, Oklahoma, Missouri, and Kentucky.

The average price Monday for a gallon of regular gas across the USA was $2.28, up a penny from a week ago's $2.29, but down 7 cents from a month ago.

Fuel prices rose late past year but peaked in early January and actually came down a little bit in recent weeks.

GasBuddy reports the national average has increased 1.4 cents a gallon in the last week to $2.27 a gallon.

Today, drivers in SC are paying the lowest average price for gas at only $2.02/gal. Drivers in Hawaii are paying the most at $3.10/gal.

The average price on Wednesday was $2.25 per gallon, according to AAA's fuel tracker.

Analysts at GasBuddy expect a gallon of regular gasoline to rise between 35 and 75 cents a gallon, reaching a peak in May.

Along with higher demand for gasoline, trends in the oil market could push prices higher. A regular gallon of unleaded self-service gasoline in MI will run you $2.31. America's daily gasoline bill will swell from today's $788 million to as much as $1.1 billion daily by Memorial Day.

Right now, MI has the 18th-highest prices in the U.S.

West Texas Intermediate crude oil for March delivery traded down about 0.7% Wednesday morning at $52.83 a barrel.