Gas Prices Hit Four-Month High, No End in Sight

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Gas prices are at a four-month high after rising for 32 straight days. The national average for a gallon of regular gas is now $3.73. That's 43 cents more than a month ago.

"It jumps almost every two days it seems like," motorist Michael McMullen said.

"Oh my goodness," another motorist exclaimed. "So I'm at $64. It normally takes me like 50 bucks to fill up."

Experts warn the end is not yet in sight.

"It'll probably be at least a couple more months before things start to look more normal," Roger Tutterow, a professor of economics at Mercer University, predicted.

Skyrocketing gas prices are being blamed on the following factors:

  • Refineries switching from winter to summer fuel, which is more expensive to produce
  • Refinery closings
  • An increase in the demand for gas

Another reason: Crude oil prices are up.

Canada's ambassador to the United States Gary Doer pointed out in a recent interview that Canada has a surplus of oil, and if President Obama approves the Keystone XL Pipeline, Canada's oil can help meet America's demand.

"He's a rational, logical person," Doer said of Obama. "I believe that the rationale for having Canadian oil and North Dakota and Montana oil going on a pipeline instead of on trucks and trains to the Gulf Coast is logical."

The administration is supposed to reach a decision on the pipeline by spring. In the meantime, experts predict fuel prices in the United States will rise another 40 to 60 cents.

There are some things you can do to help improve your car's mileage:

  • Obey the speed limit
  • Make sure your gas cap is tightly fastened
  • Clear out any unnecessary items in your trunk

Price tracker GasBuddy.com predicts the average price of a gallon of gas will be between $3.75 and $4.05 by April.

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