As if gas isn’t already high enough, experts are saying gas could go up ANOTHER 20 to 50 cents a gallon!!!
Via USA Today:
Gasoline prices typically rise heading into peak spring and summer driving seasons. But 2013’s runup is earlier and faster than in previous years. After sending consumers into sticker shock the past month, how much more can gasoline prices climb? Another 20 to 50 cents a gallon — a level that could propel the cost of gasoline, now $3.77 a gallon, to all-time highs, some experts say.
Gasoline prices typically climb from February to Memorial Day on expectations of rising consumption and costlier summer-blend gas. But so far this year, prices are surging sooner and faster than ever before — up 47 cents since mid-January. Consumers in some metropolitan areas, such as Southern California, are already paying nearly $5.20 a gallon, up more than 75 cents since December lows.
“The gas petro-noia season moved up this year,” says analyst Tom Kloza of the Oil Price Information Service. “A lot of speculators bet on higher prices beginning earlier in the year.” Kloza and other longtime industry observers are sticking to forecasts that prices will peak at about $3.95 by early April. But others say prices will eclipse July 2008’s record $4.11. “Lots of people are panicking, but there is room to go higher,” says Atlas Commodities oil broker Carl Larry, who expects $4.10 to $4.25 a gallon gasoline. Crude has yet to test January’s seven-month peak of $98.25 a barrel, notes Brian Milne of energy tracker Telvent DTN.
“Based on what we’ve seen up to this point this year, I definitely see more upside, but it will be difficult to puncture through $4 a gallon and stay above it,” says Milne, who expects recent price jumps to slow to 5 cents a gallon a week over the next month. Prices are expected to remain highest in California, the Midwest and Northeast, Kloza says. California currently averages $4.18 a gallon, highest in the continental U.S. Lowest: Wyoming, averaging $3.20.
Yikes!!!! Better pull out that bus pass…real talk!