If you have filled up your gas tank lately, you may have noticed the cost per gallon has went up a little more than you would like. Prices at the pump have risen an average of 9% since December 1st, and analysts say they are going much higher before the summer driving season.
As of Friday, AAA said the national average price for regular unleaded gasoline stood at $3.12 a gallon. That makes it 12 cents a gallon higher than just a month ago. Compared to this time last year, gas has gone up 38 cents a gallon.
The current prices could be a real bargain according to what analysts are saying, with prices rising to $3.75 or more per gallon.
They point to world demand as one of the big reasons for the jump, with China leading the way in increased demand. Typically, prices fall here in the U.S. during winter driving season, but that is not the case this year. Even with gasoline supplies well over their five year average, and a much slower economy, prices continue to climb.
Another reason for the coming jump is world unrest, particularly in Egypt and Jordan. In fact, prices jumped over $3.00 a barrel yesterday alone.
Summer driving season normally sees a much higher demand to go with higher pump prices.
Currently, drivers in places like St. Louis and Salt Lake City are seeing prices hovering under $3.00, but for drivers in CA or HI, prices are already at $3.50 or more already.