Gas prices may jump as much as 25 cents this week in some states
- GasBuddy: Prices could jump as much as 25 cents a gallon in some states
- Gas stations in the Upper Midwest, Florida are already seeing prices rise
- The spike in prices is due to the increase in the price of crude oil
close-up of a hand in a gas pump fueling a car during energy crisis
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(NewsNation) — American consumers could see prices increase at the gas pump this week.
According to Patrick De Haan, GasBuddy’s head of petroleum analysis, the national average price for a gallon of gasoline could rise five to 10 cents this week and increase as high as 10 to 25 cents a gallon in some states.
The average price for a gallon of gas is $3.63 as of Tuesday, three cents higher than last week. It’s also 88 cents less than a year ago, according to AAA.
Gas stations in the Upper Midwest and Florida have started raising prices, De Haan said.
The main culprit for the spike in gas prices is the increase in the price of crude oil, and that price is reflected in what consumers are seeing at the pump.
Currently, the states, not including Hawaii and Alaska, with the most expensive gas are:
- Washington
- California
- Oregon
- Nevada
- Utah
The Dow Jones Market Data reports benchmark contracts for August deliveries of gasoline rose in 14 of the past 18 trading sessions, reflecting crude prices that have steadily climbed in recent weeks, according to The Wall Street Journal.
